Ethereum has recovered sharply from its recent dip below $1,800, reclaiming the $2,000 level that many traders view as a key support zone. At press time, ETH is trading near $2,002.18 with a 3.20% increase over the past 24 hours. However, on-chain and derivatives data suggest the rebound may be occurring amid broader structural repositioning.
In a , Joao Wedson, a crypto analyst, said that there has been a major behavioral shift among Ethereum’s large holders.
He also suggests that something deeper may be taking place beneath the surface. Wedson points out that wallet addresses holding between 100,000 and 1,000,000 ETH have significantly reduced their holdings over the past 90 days, showing that big holders are selling or moving large amounts of ETH.
This represents some of the largest non-exchange holders, including early investors, institutions, and private entities. More importantly, the reduction is occurring from non-exchange wallets rather than exchange reserves. A rise in exchange balances typically signals the intent to sell.
In this case, large private wallets are trimming positions, indicating active exposure reduction rather than simple fund transfers.
Read more on Analytics Insight
