$882 million in fresh Ether just left the open market in a matter of hours—and it didn’t happen on an exchange order book. A public miner and a stealth whale hoovered up ETH via OTC desks and exchange withdrawals while spot prices flirt with a new all‑time high. At the same time, smart money has begun to take chips off the table. This push‑pull between institutional accumulation and profit‑taking is exactly the kind of order‑flow tension that sets up outsized moves—both up and down.

What just happened on-chain

Public Bitcoin miner BitMine Immersion Technology bought 106,485 ETH (~$470.5M) in the last 10 hours, lifting its holdings to ~1,297,093 ETH (~$5.75B), according to Lookonchain. Much of the flow routed through Galaxy Digital, FalconX and BitGo, implying negotiated OTC blocks rather than exchange slippage.

An unknown whale built 92,899 ETH (~$412M) over four days, spun up three new wallets, then withdrew from Kraken—classic cold-storage behavior that removes immediate sell pressure from exchanges.

Institutional tailwinds are building

BitMine is reportedly raising up to $24.5B via an at‑the‑market stock offering, while SharpLink completed a $389M raise—fresh corporate capital that can support treasury accumulation. Another entity purchased $1.3B in ETH across 10 wallets this week, outpacing Monday’s ETF record day. Standard Chartered lifted its ETH targets to $7,500 (2025), $12,000 (2026), $18,000 (2027), and $25,000 (2028), citing accelerating institutional adoption and stablecoin growth following recent U.S. regulatory shifts.

But profit-taking is here

The “7 Siblings” whale group sold 19,461 ETH (~$88.2M) in 24 hours around $4,532. The Ethereum Foundation moved 2,795 ETH (~$12.7M). Near the highs, that’s a signal: some large holders are supplying liquidity into strength.

Why this matters to traders

- OTC absorption reduces visible sell pressure and can underpin trend continuation. - Exchange outflows to new wallets typically lower immediate supply, supporting price. - Profit-taking near highs creates overhead resistance and headline‑driven volatility.

Expect sharper wicks and potential range expansions as these forces collide.

Actionable game plan

• Track exchange netflows and large wallet activity (Lookonchain, Glassnode, Nansen). Rising outflows + new wallet accumulation = constructive; rising inflows into rallies = caution.
• Map liquidity zones: prior ATH, ~$4,500 and round numbers like $5,000. Set alerts; use stop‑losses just beyond invalidation rather than tight, easily hunted levels.
• Watch perp funding and options skew. Elevated funding and crowded long call skew raise liquidation risk; dips can be violent but short‑lived.
• Prefer staggered entries (DCA into weakness) or breakout‑retest setups over chasing candles. Scale out into strength near known supply.
• Monitor OTC desk wallet activity (Galaxy, FalconX, BitGo) for renewed bulk buys—these often precede trend legs.

Key risk checkpoints

• Reversal in exchange balances (sustained inflows) while price stalls at resistance.
• Large‑entity distribution spikes (Foundation or labeled whales) into thin liquidity.
• Macro or regulatory headlines flipping ETF/net inflow momentum.

Bottom line

The tape shows heavy institutional demand meeting emerging distribution at the highs. If OTC absorption continues while exchange supply shrinks, dips may get bought aggressively; if inflows return and sellers lean on rallies, expect a deeper shakeout. Trade the flows, not the narratives.

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