Ethereum Whale Moves 2,000 ETH to Binance

• A long-dormant Ethereum ICO whale transferred 2,000 ETH valued at $5.2 million to the exchange Binance.
• Ethereum exchange reserves are declining, and netflows remain negative, indicating accumulation.
• The cup-and-handle pattern is emerging in the ETH chart, and a move above the resistance price of $2,950 may spark a price increase.

An Ethereum whale with a long inactivity period has transferred its 2,000 Ether worth more than $5.2 million to Binance, as Onchain Lens data shows. The crypto wallet associated with the ICO of Ethereum kept the tokens for almost 10 years.

> This #Ethereum ICO participant has moved all its 2,000 $ETH, worth $5.2M, into #Binance.
>
> This whale has achieved an 8,367x return on its $ETH by holding it since the time of the ICO.
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> Address: 0xcf264e6925130906c4d7c18591aa41b2a67f6f58
>
> Data @nansen_ai https://t.co/9uj7mZ4GLS pic.twitter.com/ayjhuBnvMa
> — Onchain Lens (@OnchainLens) June 16, 2025

The transfer is an 8,367x return on the original purchase of only $622. A smaller transaction was reported previously on a similar address with only 0.002 ETH, indicating a phase-by-phase reactivation.

The whale movement brings an element of mystery to the current state of Ethereum as the asset sits at around the mark of $2,552, lacking any momentum. The weekly returns are pegged at 1.02 percent, and the 24-hour turnover has decreased by 17.4% to $13.02 billion. According to analysts, the market is still in a consolidation period, waiting to get clear signals.

Exchange Behavior Shows Supply Dry-Up

The on-chain indicators indicate that a constant Ethereum supply is leaving exchanges. According to CryptoQuant, the situation is worse, with 18.6 million ETH currently in total exchange reserves compared to over 30 million in mid-2022. This steady decrease over two years marks a shift towards cold storage and staking over exchange trading.

Source: CryptoQuant

Netflows also support this transition. Coinglass daily inflow/outflow values reflect bullish conduct in netflows, recording an extensive period of negative netflows. The June outflow peaked significantly at the beginning of June, with several peaks of over $200 million. Meanwhile, inflows are few, demonstrating investors’ reluctance to deposit ETH on exchanges as they await clearer directions.

Source: Coinglass

Accumulation tendency is supported by exchange outflow volume. There was a significant amount of spiking in April and June 2025, with a single-day outflow of more than 2 million ETH when prices fell below $2,000. These moves tend to be followed by smart money buying the dip instead of panicked selling.

Active Addresses Flat but Stable

The active address count in Ethereum is stable despite fluctuating prices. The number is estimated between 400K and 600K, demonstrating a consistent user base. Although some days occasionally spike more than 1 million addresses, on-chain transactions remain steady without speculative surges.

Source: CryptoQuant

This consistency in usage indicates a maturing network. Retail activity does not seem excessive, although the core participation in Ethereum remains strong. It is likely a scenario where market participants wait to observe broader macro conditions and technical displays before taking bold steps.

Cup-and-Handle Pattern Suggests Breakout Potential

A cup-and-handle is developing on Ethereum’s weekly chart, and technical analysts are closely monitoring this formation. The price declined between mid-2024 and early 2025 to create the cup at $2,000. In Q1 2025, a rounded handle started to form as the price eased to approximately $2,530. Historically, such patterns indicate accumulation before a breakout.

> 📈 $ETH/USDT Weekly Analysis #Ethereum is forming a bullish Cup and Handle. Price is near $2,530, with key resistance at $2,950. A breakout could send ETH to $4,204 by late 2025. pic.twitter.com/olkkllZpnq
> — Rose Premium Signals 🌹 (@VipRose) June 14, 2025

For Ethereum to break above its $2,950 resistance level, the expected target would be approximately $4,204 by the end of the year, corresponding to the depth of the pattern based on historical market movements.