A large Ethereum holder distributed its full 167,855-token stack, worth roughly $408 million, over five days, with about $174 million already reaching OKX, Binance and Bybit. Invesco ETF clients have held about $167 million in ETH without net selling since March 19, while Abraxas Capital bought 16,554 ETH in spot against a $291.4 million short book.
Ethereum's supply balance is being tested from two directions: a single wallet has pushed 167,855 ETH worth about $408 million toward exchanges over five days, even as Invesco ETF clients and Abraxas Capital keep adding exposure. The wallet received the tokens from multiple addresses and has deposited 70,739 ETH, about $174 million, into OKX, Binance and Bybit over two days, Lookonchain data shows.
Another 97,115 ETH, roughly $237 million, remains in the wallet, leaving markets to gauge whether the rest lands on an order book or clears through an over-the-counter desk. Arkham data shows Invesco's ETF clients have not net-sold since March 19, accumulating about $167 million over nearly six months — the longest continuous holding streak of any ETF the platform tracks.
Abraxas Capital bought 16,554 ETH, about $39.8 million, in spot over the past 12 hours, Lookonchain reported, while its two Hyperliquid accounts hold a combined 120,178 ETH in shorts valued near $291.4 million. Spot buying alongside a large short book points to a hedged strategy rather than a directional bet, so the purchase should not be read as outright bullish conviction.
Ethereum traded at $2,513.68, up 4.3 percent in 24 hours, with market capitalization at $306.7 billion and $16.96 billion in volume, CoinGecko data shows. The whale's exit adds exchange supply at a time when ETF accumulation has absorbed roughly $167 million, but the outstanding 97,115 ETH is the swing factor for near-term price: a full exchange deposit would sharpen sell pressure, while an OTC placement would keep the tokens off public order books.
A separate security incident compounded the picture. PeckShieldAlert, citing Specter, said Notional Finance's custodial contract was exploited for about $1.7 million in DAI and USDC, with the attacker converting the funds into 689.2 ETH and routing them through Tornado Cash. The suspected exploit, pending fuller confirmation from the protocol or independent auditors, adds a DeFi-specific risk on top of the supply question.
Traders watching Ethereum should track whether the whale's remaining tokens move to exchanges or clear through OTC desks, along with ETF flow data and any escalation of the Notional Finance investigation. The competing flows — a $408 million distribution against steady institutional accumulation — leave the near-term supply balance unresolved until the wallet's next move is confirmed on-chain.
This article is for informational purposes only and does not constitute investment advice.
