On-chain trackers have flagged selling from the largest holders. Analysts tracking wallets with 100,000 to 1,000,000 ETH have reported reserve declines over the past 90 days. Analysts note that the shift has occurred outside exchanges, which can suggest longer-term de-risking rather than short-term trade positioning.
Some analysts still warn that wallet changes can follow custody moves or internal reshuffles. Even so, a steady reduction from that cohort often lines up with softer spot demand and more selling into strength.
Institutional flows have also looked less supportive. Over the last four months, US-listed spot bitcoin and ether ETFs have posted large redemptions, according to SoSoValue figures. Bitcoin ETFs have seen about $6.39 billion leave over four straight months, the longest outflow streak since the products launched in January 2024.
Ether ETFs have also lost about $2.76 billion in the same period. The outflows have tracked the broader price slide, with bitcoin well below its 2025 peak and ether down more than 60% from last year’s high above $4,950. ETF flows offered a clear window into institutional participation after early 2024, but recent inflows have not formed a steady recovery trend.