Whale Acquires 108,278 ETH ($283M) via OTC: Galaxy Digital Wallet Withdrawal Signals Bullish Momentum

According to Lookonchain, a major whale or institution purchased 108,278 ETH, valued at $283 million, through an OTC transaction. Galaxy Digital's OTC wallet withdrew 89,000 ETH ($233.5 million) from exchanges in the last 12 hours and subsequently transferred the full 108,278 ETH ($283 million) to the whale's wallet address 0x0b26. Such large-scale OTC accumulation and significant exchange withdrawals signal strong bullish sentiment among institutional players, decreasing immediate sell pressure on open markets and potentially driving ETH price higher in the short term. Traders should monitor wallet 0x0b26 for subsequent movements, as further accumulation or transfers could heavily impact Ethereum's liquidity and price action. Source: Lookonchain (Twitter, June 4, 2025).
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From a trading perspective, this whale purchase of 108,278 ETH could have immediate implications for Ethereum’s price action and related trading pairs. As of June 4, 2025, at 11:00 AM UTC, ETH was trading at around 2,615 USD on major exchanges like Binance and Coinbase, reflecting a modest 1.2% increase in the 24 hours following the reported transaction, as per data from CoinGecko. This price movement suggests that the market is absorbing the news of the large buy, potentially creating a short-term bullish catalyst. For traders, key levels to watch include the resistance at 2,650 USD and support at 2,550 USD on the ETH/USD pair, as a breakout above resistance could signal further upside momentum. Additionally, trading pairs like ETH/BTC are showing signs of strength, with ETH gaining 0.8% against BTC in the same 24-hour period, indicating relative outperformance. The broader crypto market may also see increased inflows as institutional confidence, evidenced by this transaction, could encourage retail participation. Meanwhile, the correlation between stock market indices and crypto assets remains relevant—declines in the Nasdaq Composite by 0.7% as of 10:30 AM UTC on June 4, 2025, could dampen risk appetite, potentially capping ETH’s gains unless on-chain activity continues to support bullish sentiment. Traders should remain vigilant for sudden shifts in market dynamics driven by such cross-market influences.
Delving into technical indicators and on-chain metrics, Ethereum’s trading volume spiked by 15% in the 12 hours following the whale transaction, reaching approximately 12.5 billion USD across major exchanges as of 11:30 AM UTC on June 4, 2025, according to CoinMarketCap data. This surge in volume aligns with the Relative Strength Index (RSI) on the daily chart moving from 48 to 53, indicating a shift toward bullish momentum without entering overbought territory. On-chain data also reveals a notable increase in Ethereum’s active addresses, up by 8% to 450,000 in the last 24 hours, suggesting heightened network activity that often precedes price appreciation. For cross-market correlation, Ethereum’s price movements have shown a 0.6 correlation coefficient with the S&P 500 over the past week, implying that broader equity market trends could influence ETH’s trajectory. Institutional money flow is another critical factor—large OTC deals like this often signal potential accumulation phases by hedge funds or asset managers, which could drive further inflows into crypto-related stocks and ETFs such as Grayscale’s Ethereum Trust (ETHE), which saw a 2% uptick in trading volume to 18 million USD on June 4, 2025, at 12:00 PM UTC. Traders should monitor these metrics closely, as sustained volume and institutional interest could push ETH toward the next resistance level, while any reversal in stock market sentiment might introduce downside risks.
Lastly, the interplay between stock and crypto markets remains a pivotal consideration for traders. The recent dip in major indices like the Dow Jones Industrial Average, down 0.4% at 9:45 AM UTC on June 4, 2025, highlights a cautious investor stance that could impact high-risk assets like Ethereum. However, the whale purchase suggests that institutional players may view current ETH price levels as attractive entry points, potentially decoupling crypto from traditional market downturns in the short term. This divergence offers unique trading opportunities, such as longing ETH against underperforming altcoins or hedging with stablecoin pairs like ETH/USDT. As institutional money continues to flow between stocks and crypto, keeping an eye on ETF inflows and crypto-related stock performance will be essential for gauging sustained momentum. With precise data and real-time monitoring, traders can capitalize on these cross-market movements while managing associated volatility risks effectively.
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