Ethereum Whales Hold Buying Power Amid Selling Pressure

Ethereum whales continue to hold significant amounts of buying power, but selling pressure remains high due to rising exchange deposits and ample liquidity. According to CryptoQuant contributor PelinayPA, Ethereum's Whale Net Unrealized Profit/Loss (NUPL) remains above zero, indicating that large holders are still in profit. However, the metric has not yet reached extreme levels seen at previous market tops.

The analyst notes that whales have not entered the profit zone that typically leads to heavy selling, suggesting they are not yet at the psychological threshold for heavy profit-taking. Although their unrealized profits are gradually shrinking, the current trend does not resemble conditions seen at past market cycle peaks.

Binance deposits of Ethereum (ETH) remain unusually high, with ETH deposits increasing sharply since late 2024 and remaining elevated. This puts more ETH on the market, increasing the risk of selling pressure. CryptoQuant's chart shows the Binance User Deposit Address metric standing at 1.12 billion on July 15, near its highest levels in recent years.

The report also points to growing stablecoin reserves among large investors, with nearly $2.8 billion in USDT and USDC liquidity available for deployment into Ethereum or kept on the sidelines. This gives whales additional buying power alongside their existing Ethereum positions, allowing them to buy more ETH if they see an opportunity.