On-chain tracker Lookonchain flagged a textbook move: an early Ethereum whale sold roughly $188 million in ETH, wrapped staked Ether (wstETH), and Wrapped Bitcoin (WBTC) just before the latest market crash, then quickly rebuilt its positions at lower levels. The tracker called the timing a "perfect sell high, buy low." ETH was trading near $1,674 at press time, up nearly 4% in 24 hours, but stayed deep in the red over the past week. Its 24-hour range stretched from $1,607 to $1,706, showing volatility remained elevated in the early recovery phase.
Sale Details: 60,000 ETH and 600 WBTC Offloaded
Lookonchain reported that the whale sold 60,000 ETH worth $117.25 million and 9,442 wstETH worth $24 million, with an average price near $2,040 for the Ethereum-linked assets, plus 600 WBTC for $47.12 million at an average price of $78,538. Combined proceeds came to about $188.37 million. The tracker did not identify the wallet owner and said it could not confirm whether the trader anticipated the crash or reduced exposure for another reason. The motive remains unknown, but the timing is visible on-chain.
Buyback Operation: Lower Cost, Slightly Larger Holdings
After the decline, the same wallet bought 611 WBTC for $38.68 million (avg. $63,280), 60,088 ETH for $95.3 million, and 10,000 wstETH for $21.08 million, with the average purchase price for Ethereum-linked assets at $1,606. Compared to the previous sale, the whale ended up with 11 more WBTC and slightly more ETH and wstETH. Because market prices had fallen, the trader regained similar exposure while using less capital.
Stumbling Blocks: Whale Short and Coinbase Sell Walls
The broader market has started to recover, but not every large player has turned bullish. Lookonchain also flagged that the address "pension-usdt.eth" added another 10,000 ETH to its short position, bringing the total to 60,000 ETH (worth about $101 million). The account has recorded 22 winning trades and over $45 million in total profit. Analyst Ali Martinez noted the TD Sequential indicator had produced a buy signal for Ethereum, while analyst CW said Coinbase whales were placing short-term sell walls above the current price. He argued ETH could push toward $2,000 if buyers clear that supply, but acknowledged it remains a conditional market view rather than a confirmed outcome.
Exchange Reserves Drop: A Supply-Side Signal
CryptoQuant contributor Amr Taha reported that tracked Ethereum reserves on Binance, OKX, Gemini, and Bitfinex fell by about 475,000 ETH in early June. Binance’s balance dropped by roughly 190,000 ETH, Bitfinex lost another 180,000 ETH, and OKX recorded the largest percentage decline. Lower exchange reserves reduce the amount of ETH readily available for sale, but withdrawals do not guarantee holders intend to keep the assets long-term — coins can move to private custody, staking, or other venues. The reserve change is a supply signal, not a guaranteed price direction.
As previously reported by crypto.news, ETH briefly touched $1,500 during the June selloff after losing the $1,800 and $1,700 zones. Leveraged liquidations, weak ETF demand, and broader risk aversion added pressure. $1,500 now serves as the nearest major support. On the upside, Ethereum faces resistance between the recent daily high near $1,706 and the former support zone above $1,800. A breakout above those levels could put $2,000 back in focus; if the recovery stalls, attention will return to $1,600 and $1,500 — and the hefty whale short shows bearish positioning has not disappeared.