ETH Falls Below $2k, But Whales Rally As Retailers
Ethereum's native token Ether (ETH) fell to a one-year low of $1,927 on Thursday, and is down more than 60% from its current high of $4,950.
Analysts say the decline is stress-testing investor confidence, and onchain and crypto exchange earnings data signal the start of a bear market. Despite the strength of the sale, a group of Ether holders has been buying, but it depends on whether this will help ETH recover $2,000.
Main Receptors:
Mid-caps (100-10,000 ETH) have reduced their holdings, indicating a level of capital.
Large holders (10,000-plus ETH) increased exposure in the last quarter, absorbing selling pressure for the altcoin.
ETH is trading below the realized value for all sets of investors, and the increasing currency flow raises the downside risk.
Onchain data shows who owns, adds and holds
Over the past five months, Ether's balance-per-holder-value shows a change in behavior across different wallet sizes.
The measure explains which investors are receiving lower downside pressure and which will exit when prices return to May 2025 levels.
According to data from CryptoQuant, On August 18, 2025, wallets 100-1,000 ETH controlled 9.79 million ETH, 1,000-10,000 14.51 million ETH, 10,000-100,000 17.18 million ETH, 0001 million wallets. ETH
On Wednesday, the 100-1,000 and 1,000–10,000 collective pool balances fell to 8.32 million ETH and 12.26 million ETH.
In contrast, 10,000-100,000 wallets increased their holdings to 19.77 million ETH, and 100,000-plus wallets increased their holdings to 3.68 million ETH.
The data indicates a build-up in whales and large bodies, while small and medium-sized owners appear to be sharing the current price weakness.
Ether is trading below each group's set price, which reflects the average cost base at which each group last moved ETH. With realized prices set at $2,120 for 100,000-plus holders and $2,690 for 100–1,000 holders, ETH briefly closed below $2,630 on Saturday, a level associated with anxiety-driven selling.
Related: Ethereum Price: Classic Chart Pattern Focuses Below $2K ETH
Incoming exchanges and receiving data will put pressure on the price of ETH
Ether exchange on Binance rose to 1.63 million ETH on Wednesday, the highest daily reading since 2022. Large inflows can reflect a preparation to sell or rebalance, and an increase in inflows reinforces concerns during periods of weak price action.
Market performance data adds to that picture. Crypto analyst PelinayPA sees Ether Binance's bearish buy/sell ratio sitting below neutral at “around 0.94.” Both the 30- and 50-day moving averages remain below 1, indicating that the selling pressure is not temporary, but a major trend.
Pelinaipa added that this could mark the beginning of a “true bear season” for the altcoin, with difficult price conditions expected to continue for some time.
Related: Vitalik Buterin Sells $6.6M in ETH After Suggesting Funds
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