So Why Is Selling Pressure Still High?

Ethereum whales remain comfortably in profit, but rising exchange deposits and ample liquidity could keep selling pressure elevated.

CryptoQuant contributor PelinayPA said Ethereum’s Whale Net Unrealized Profit/Loss (NUPL) remains above zero. This means large holders are still sitting on unrealized gains.

However, the metric has not yet reached the extreme levels seen at previous market tops. That suggests whales have not entered the profit zone that typically leads to heavy selling.

“Whales are not yet at the psychological threshold that typically triggers heavy profit-taking,” the analyst said. Although their unrealized profits are gradually shrinking, the current trend does not resemble the conditions seen at past market cycle peaks.

Binance Deposits Keep Selling Pressure Elevated

Despite the lack of peak-profit conditions, Ethereum deposits to Binance remain unusually high. According to CryptoQuant, ETH deposits into Binance have increased sharply since late 2024 and remain elevated.

However, moving ETH to an exchange does not always mean investors plan to sell immediately. Still, it puts more ETH on the market, increasing the risk of selling pressure.

CryptoQuant’s chart shows the Binance User Deposit Address metric standing at 1.12 billion on July 15, remaining close to its highest levels in recent years. This suggests a large amount of ETH remains on the exchange and is available for trading.

Stablecoin Reserves Give Ethereum Whales More Buying Power

The report also points to growing stablecoin reserves among large investors. CryptoQuant’s USDT and USDC Whale metric has climbed to 2.7958 billion, indicating that large investors collectively control nearly $2.8 billion in stablecoin liquidity that could be deployed into Ethereum or kept on the sidelines. These holdings give them additional buying power alongside their existing Ethereum positions.

This allows whales to buy more ETH if they see an opportunity. However, they could also shift their capital out of Ethereum if market conditions worsen.

Meanwhile, Ethereum’s Realized Price has climbed to approximately $2,305. This means the average price investors paid for ETH is increasing.

The analyst said this reflects stronger long-term capital inflows than in previous market cycles. It also suggests new investors are still buying Ethereum, even at higher prices.

As The Crypto Basic reported yesterday, large investors, including Bitmine, Abraxas Capital, and unknown whales, accumulated 82,898 ETH over three days. Industry leaders such as Bitmine Chairman Tom Lee have also continued to issue bullish outlooks for ETH, including a 100x price prediction, even amid the bear market.

Whale Capital Flows Could Decide ETH Next Move

PelinayPA concluded that Ethereum whales are holding large amounts of both ETH and stablecoins, giving them ample liquidity on either side of the market.

This means Ethereum’s next major price move could depend on what whales do next. If they use their stablecoin reserves to buy more ETH, prices could rise. If they start selling their ETH for cash, prices could come under pressure.

At the time of writing, Ethereum was trading at $1,846. It was up 1% over the past 24 hours, 2.6% over the past week, and 5.5% over the past month. However, it remained 49% below its price from a year ago.