The trend of Ethereum whale groups cashing out has become apparent recently, which may impact coin prices.

On September 21, on-chain data analyst Murphy indicated that the holding behaviors of three types of whale groups in the market were the main observation targets: A: holding 1k–1w ETH; B: holding 1w–10w ETH; C: holding over 10w ETH. These three groups are also the main chip force of ETH in the current market. Data shows that whenever these whale groups continuously and massively cash out profits, the market tends to bear obvious pressure. For example, in March, June, and December 2024, the single-day cash-out scale reached the level of 1 billion USD. When the market cannot absorb this excess supply in the short term, the price will experience a phase pullback. On September 18, group A (1k–1w ETH) cashed out 1.5 billion USD in a single day, and combined with groups B/C, the total scale reached 2.15 billion USD. Currently, these chips have not flowed into CEX addresses, so it is speculated that they may be digested through OTC channels. Whether this will form selling pressure on the market depends on the absorption capacity of market makers' off-exchange positions. If the off-exchange cannot fully digest it, it will ultimately need to circulate within CEX, which will inevitably impact the price of ETH.