Analysis: The recent trend of Ethereum whales cashing out is evident and may impact the price of the coin

ChainCatcher news, on-chain data analyst Murphy stated that the holding behavior of three types of whale groups in the market is the main observation target: A: holding 1k--10k ETH; B: holding 10k--100k ETH; C: holding over 100k ETH. These three groups are also the main chip forces of ETH in the current market. Data shows that whenever these whale groups consistently and massively cash out profits, the market often experiences significant pressure.

For example, in March, June, and December 2024, the daily cash-out scale reached the level of 1 billion dollars. When the market cannot absorb this excess supply in a short period, prices will experience periodic corrections. On September 18, group A (1k--10k ETH) cashed out 1.5 billion dollars in a single day, and combined with groups B and C, the total scale reached 2.15 billion dollars. Currently, these chips have not flowed into CEX addresses, so it is speculated that they may be digested through OTC channels. Whether this will create selling pressure in the market depends on the ability of market makers to absorb off-exchange positions. If the off-exchange cannot fully digest, it will ultimately still need to circulate within CEX, and then the price of ETH will inevitably be impacted.