According to the Arkham data spotted by Whale Alert, a wallet has bought $19.7 million worth of Ethereum.
The data shows that the wallet has bought 8,773.5 $ETH at $2,245. This whale previously bought 10,376 ETH at an average price of $1,626 in June, according to data from Yujin Monitor.
The whale's total Ethereum holdings currently sit at 23,095 ETH worth $51.69 million.
Arkham also spotted another fresh wallet 0x4AB7, that withdrew 9,777 $ETH worth about $22.5 million from Binance over the course of the past week.
The statistics on exchange net flow paint a somewhat different picture. On Saturday, ETH saw $18.32 million in net flow on all major exchanges.
If whales move their funds to exchanges en masse, this usually means short-term selling pressure.
Institutional investors are selling ETH
Over the past week, US spot Ethereum ETFs have seen $365 million in outflows. In particular, the last two days marked a total of $193.2 million in outflows.
The main reason is the rapid decline on November 5, when Ethereum fell almost 10% after a short-lived rally.
Analyst Ali Martinez noted that ETH price has recently lost an important support level at $2,385. More selling pressure could mean a further decline toward $1,963.
Ethereum price is currently trading at $2,239, moving sideways around the local bottom. The local support sits at around the $2,200–$2,220 range.
A break above $2,300 would put the price in recovery mode, opening the way to the $2,400–$2,450 zone tested this week.
