The Ethereum market is buzzing as recent transaction data reveals a significant amount of ETH being moved out from leading crypto exchanges.
Over the past three days, from May 18 to May 20, approximately 89,016 ETH—valued at $220.14 million—has been withdrawn from major exchanges, including Kraken, Binance, and Coinbase.
A few hours ago, the blockchain transaction tracker platform, Whale Alert, noted a withdrawal of 78,498 ETH (approximately $195 million) from Kraken to an unknown wallet in two separate transactions.
Besides this, market watchers have reported an additional outflow on the preceding days, with around 25,000 ETH ($61.83M) moved from Binance on May 18 and 30,000 ETH ($74.19M) from Coinbase on May 19. These figures align with a broader trend of declining exchange reserves, which have dropped from 18 million to 17 million ETH over the past month.
Such large amounts of outflows are often interpreted as bullish, suggesting whales’ move of transferring funds into self-custody wallets rather than keeping them on exchange wallets, which are more prone to hacks.
The transfers also follow a multi-million-dollar ETH acquisition from Abraxas Capital, a prominent asset manager, which has purchased over $837 million of ETH in the past 14 days.
Forget Altcoin Season, it’s Ethereum Season now!
As Ethereum continues to see reduced selling pressure, the question arises: is this the start of a new “Ethereum season”? With whale activity on the rise and market sentiment tilting bullish, ETH could be testing key resistance levels around $2,850 in the coming weeks.
Moreover, Ethereum has now caught the attention of several prominent investors, with firms like VanEck and JP Morgan predicting it could reach as high as $11,800 by the end of 2025.
Also Read: Ethereum OGs Load Up: Early Builders and Whales Scoop Millions in ETH
