Ethereum Price Under Pressure as Whale Sells $1.67 Billion in Tokens

Ethereum’s price is showing signs of weakness after several major token sales by prominent investors. After recently dropping to $2,900, far below its year-to-date peak of $4,960, it currently trades near $2,925. Despite a small weekly gain of 2.76%, underlying market pressure remains, mainly due to the actions of major holders.

Whale Movements Shake ETH Confidence

Recent reports show that Arthur Hayes, BitMex’s founder, has continued to liquidate a substantial amount of Ethereum. Arkham data shows he sold 682 tokens valued at nearly $2 million in one transaction today, pushing his total sales this month above $5 million.

Hayes has put part of his funds back into projects such as Pendle, Ethena, and Ether Fi, indicating he is restructuring his portfolio rather than exiting crypto. Even after these moves, he retains Ethereum worth over $22 million, keeping a strong market position.

Large sales like these can influence more than just prices. Traders and smaller investors often view them as cautionary signals, which can increase market volatility. However, analysts point out that Hayes’ selective reinvestments indicate confidence in specific sectors of crypto rather than a full exit from Ethereum.

What May Keep Ethereum From Falling Further?

Still, not all activity is focused on selling. Some investors are aggressively accumulating Ethereum, betting on its potential recovery. Today, a single whale purchased $136.49 million worth of tokens, bringing their total acquisitions since November 4 to $1.67 billion.

A whale has bought $136,493,000 in $ETH today.

Since November 4th, this whale has bought $1,670,000,000 in Ethereum. pic.twitter.com/42Rh1CjaPa

— Ted (@TedPillows) December 24, 2025

Tom Lee’s BitMine also added 436,361 tokens over the past 30 days, about 3.6% of Ethereum’s market capitalization. Lee wants to reach a 5% stake in ETH, which could earn significant staking income. His actions show confidence in Ethereum, especially in decentralized finance, stablecoins, and tokenized assets.

This pattern shows a market split between short-term selling pressure and long-term strategic confidence. While prices may move due to whale activity, institutional support indicates that demand for Ethereum remains strong.

Current Technical Indicators

Ethereum has seen significant declines since peaking at $4,960 earlier this year and is now trading around $2,925. In November, the 50-day and 200-day moving averages crossed, which many analysts consider a negative sign for momentum.

Technical charts also reveal a bearish flag pattern, suggesting a risk of further losses. Analysts identify $2,622 as the first support level, and a drop below this could open the path toward $2,000.

Still, some experts argue that Ethereum’s market picture is more nuanced. Factors such as staking returns, institutional participation, and growth in DeFi and tokenization projects could offset technical pressure.

What to Expect from ETH?

Ethereum is facing pressure as heavy selling and selective buying influence its price. Whales like Arthur Hayes are reducing their holdings, but major purchases by BitMine indicate that investors still trust Ethereum’s long-term outlook.

Looking forward, market direction will depend on how selling pressure balances against institutional interest. Technical analysis points to caution, but steady demand, staking incentives, and growth in DeFi and tokenized applications could offer the stability needed to prevent deeper losses.