The profits of ETH whales hit a record: Is the next move bullish or bearish?

Ethereum wallets holding between 10,000 ETH and 100,000 ETH have now reached unrealized profit levels similar to the market peak in 2021. This data shows that large investors are once again benefiting from significant paper gains.

In 2017, whale wallets recorded unrealized profits peaking at around $15 billion. By 2021, this figure had risen to over $45 billion. As of September 2025, this level of profit has been reestablished. Charts tracking the performance of whale wallets show a noticeable return to the high-profit area previously recorded before strong price increases of ETH.

A cryptocurrency analyst has stated:

Although similar conditions have led to strong price increases in the past, there is no guarantee that this will happen again.

The flow on the exchange indicates a decrease in selling pressure

In the early stage of 2025, a large volume of ETH was observed being transferred to exchanges. In February and March, the inflow exceeded 200,000 ETH as the price dropped from over 3,000 USD to around 1,500 USD. This activity often signals a selling trend.

Notably, this trend reversed in mid-2025. From June onwards, the amount of ETH leaving exchanges exceeded the amount entering. Withdrawals surged from 200,000 ETH to 400,000 ETH. This change in behavior occurred as ETH began to recover and surpassed the $4,000 threshold. Large withdrawals are often associated with a decrease in selling activity as they are moved off the exchange.

Source: CryptoQuantIn August and September, this pattern continued as ETH traded near the $4,500 mark. Withdrawal activity remained high, indicating that investors are choosing to protect their ETH from exchanges, possibly for long-term holding or staking.

Staking inflows increased, then decreased in September

By the end of 2024 and the first half of 2025, the daily staking amount fluctuated between 20,000 ETH and 100,000 ETH. November 2024 and March 2025 witnessed some strong surges, with ETH trading in the range of 2,000 to 2,500 USD.

Large capital flows began to appear in mid-2025, when ETH formed a bottom in April. August recorded days with staking flows from 250,000 ETH to 300,000 ETH, the highest level of the year. As deposits came in with significant size when ETH surpassed 4,000 USD, this could reflect stronger commitment from investors towards the network.

Source: CryptoQuantHowever, the latest data shows a significant decline. In September 2025, staking inflows dropped to around 8,400 ETH, according to current metrics. This is the lowest daily level since the end of 2024. The recent withdrawal may reflect a cooling period after a significant number of deposits last month.

ETH approaches a critical price level

At the time of the press, ETH is trading around 4,600 USD. It has increased by over 4% in the past seven days and is approaching the previous all-time high. This level is currently acting as a resistance level.

A report from Milk Road has indicated that:

In the previous cycle, the price of ETH increased by more than 240% after surpassing old peaks. If this pattern repeats, the price could aim for the level of 16,500 USD.

Currently, investors are watching to see if ETH can maintain its current price and close above the resistance level. If this happens, a new bullish phase may begin. Conversely, the market may remain in an accumulation phase until more signals emerge.

Mr. Teacher