Ethereum Whales Withdraw $60M From Exchanges in Bullish Signal

Edgen Crypto

·Feb 07 2026, 14:15

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Key Takeaways

Long-term Ethereum holders are moving significant assets off major exchanges, signaling strong conviction and reducing the available supply for sale. This accumulation by seasoned investors suggests a bullish outlook for the asset's price stability and potential growth.

Two long-term Ethereum holders withdrew a combined 29,079 ETH, valued at $60 million, from centralized exchanges on February 7, 2026.
The withdrawals originated from major trading platforms OKX and Binance, moving the assets into private self-custody wallets.
This move reduces the immediately sellable supply of ETH, which can dampen selling pressure and provide support for the asset's market price.

Whales Pull $60 Million in ETH From Centralized Exchanges

On February 7, 2026, two significant long-term Ethereum holders, often referred to as "OG whales," moved a combined 29,079 ETH to private wallets. The transactions, valued at approximately $60 million, were executed from accounts on the OKX and Binance exchanges. This shift from exchange-based accounts to self-custody is a classic accumulation strategy, indicating the owners intend to hold the assets for the long term rather than prepare them for a near-term sale.

Accumulation Signals Reduced Selling Pressure

The decision by these large holders to take direct custody of their assets has direct implications for market liquidity. By withdrawing $60 million worth of ETH, they effectively reduce the readily available supply on two of the world's largest crypto trading venues. This action lowers immediate selling pressure and is widely interpreted as a signal of strong bullish conviction. Such movements by experienced market participants suggest a belief in future price appreciation and a strategy to secure assets against short-term market volatility.