Ethereum Whales Sell as ETH Jumps 8% to Lead the Rally

Ethereum did the heavy lifting in Wednesday’s crypto rally, and two big holders treated it as the exit they had been waiting for.

The Ethereum price trades at $2,433 at the time of writing, up about 8.5% in 24 hours against roughly 6% for Bitcoin. Wednesday’s daily candle closed at $2,424.61 on Binance, a 6.6% gain and ETH’s best day since September 18. The ETH/BTC ratio closed at 0.03013, its highest close since October 11.

So which Ethereum whales were selling into that? On-chain tracker EmberCN caught the biggest name first:

余烬 @EmberCN

在昨晚 11-12 点 ETH 从 $2,315 冲上 $2,440 时，鱼池联创王纯地址在上涨途中把 6,200 枚 wstETH (即 7,740.2 ETH) 卖出换成 1850 万 USDC，ETH 卖出均价 $2,390。

然后把这些 USDC 转进了 Binance。

地址：arkm.com/explorer/addre…

1:46 AM · Nov 5, 2026 View on X

Which Ethereum Whales Sold Into the Rally?

F2Pool co-founder Wang Chun, the mining-pool veteran who paid for and commanded the SpaceX Fram2 polar flight last year. A wallet that Arkham labels as his sold 6,200 wstETH, Lido’s wrapped staked ETH and worth 7,740 ETH, through CoW Swap between 14:36 and 15:48 UTC on Wednesday (9:36 to 10:48 a.m. in New York).

That was the steepest stretch of the move. ETH ran from about $2,315 to $2,450 in those two hours, and Wang Chun’s average price came out at $2,390. Every dollar of the $18.5 million in USDC he got went straight on to a Binance deposit address the same hour.

The second seller had not sent a single transaction since August 2025. Over Wednesday afternoon, the wallet pulled its staked ETH out of Aave, sold $6.36 million of ETH and stETH at an average of $2,428 on Curve, and paid back an Aave loan of about $1.05 million in USDC, according to on-chain analyst @ai_9684xtpa and the transfers on Etherscan.

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Why Didn’t $24.9 Million of Selling Sink ETH?

Because the market had more than enough buyers. The two sales add up to $24.9 million, about 3% of the $783 million of ETH that changed hands on Binance’s spot market alone in the same 24 hours.

The ETH price shrugged it off too. ETH dipped to $2,405 in the evening, never closed an hour below $2,400, and was back at $2,436 by 22:00 UTC.

In other words, this looks like profit-taking from Ethereum whales sitting on big paper gains, timed for the hours with the most liquidity. On the other side, Bitmine, the biggest ETH buyer of the year, is still adding coins every week, just fewer of them.

SIDE TRAIL: Bitmine Ethereum Holdings Near 5% of All ETH as Weekly Buys Shrink

Ethereum Price: Can ETH Clear the 50-Day MA?

Not yet. The 50-day moving average (MA), the average close of the last 50 days, sits at $2,509, about 3% above the price. Just above it are $2,527 and $2,547, the swing highs from mid-October that the Ethereum price has not closed above since October 11.

Below, the levels are close together:

• $2,406: Wednesday evening’s low, where buyers stepped in after the whale sales.
• $2,318: the ceiling of last week’s range, and roughly where Wang Chun’s selling started.
• $2,159: the 200-day MA, which ETH has not closed under since August 18.

TRAIL MAP: On-Chain Metrics: MVRV, Realized Price and Exchange Flows

Wang Chun’s $18.5 million now sits on Binance as dollars. Whether funds took the other side shows up in Wednesday’s full Ethereum ETF flows, due later on Thursday; Fidelity’s FETH alone reported $19.2 million of inflows.

Written by

VikingXBT

VikingXBT has been trading crypto since 2017. The focus is futures, onchain data and automation. Onchain flows get checked before a chart is trusted, and anything repetitive gets automated. VikingXBT built Base Camp's own onchain scanner, which flags bundlers, snipers, dev holdings and wallet clusters in one view, and backtests strategies before trading them.

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