After hitting its current all-time high value of $4,946 in August 2025, Ether has been on a long decline, trading at slightly more than $2,100 at the time of writing. However, the latest on-chain data shows that the whales are starting to scale back on ETH deposits to exchanges.
Ethereum whales reduce deposits to Binance
According to fresh on-chain data, ETH whales are starting to gradually reduce deposits to exchanges like Binance. Specifically, the Ethereum Exchange Inflow (EEI) from top 10 ETH wallet holders recently reached 135,573 ETH.
Compared to prior levels when ETH deposits to exchanges exceeded 1 million units, this level is relatively moderate. Essentially, there has been a clear decline in whale activity intensity over the past few weeks. The analysis of moving averages further corroborates this claim.
For instance, the EEI 7-day moving average is currently around 140,265, while the 14-day moving average is around 140,853 ETHe. In the same vein, the 30-day moving average is at 151,694 ETH, while the 100-day moving average is around 159,307 ETH.
When observed closely, we can see a clear pattern in terms of the moving average of ETH being deposited into exchanges by the top holders. In simple words, the long-term averages are greater than the short-term ones, reflecting a gradual decline in inflows to exchanges.
Further, the current level of ETH inflows to exchanges – around 135,000 ETH – is below most of the aforementioned moving averages. This shows that the likelihood of the potential selling pressure is also going to be lower than the historical one.
In addition, the convergence between the 7-day and 14-day moving averages suggests short-term stability in ETH’s price. Meanwhile, both the 50-day and 100-day moving averages remaining high show that the crypto market is still recovering from past waves of selling.
Ethereum ecosystem is thriving but price disappoints
There is a certain degree of dissonance between the Ethereum ecosystem metrics and the price of the platform’s native coin. On-chain activity on the Ethereum network continues to rise at a rapid pace – showing strong user interest and developer activity.
The Ethereum Foundation unveiled a DeFi team to further support ecosystem growth. It will be interesting to see if such developments lead to positive price action for ETH in the coming weeks.
