Two large Ethereum wallets moved 13,002 ETH, worth about $29.09 million, off exchanges, according to on-chain tracker Lookonchain. One wallet received 9,625 ETH from FalconX, valued near $21.57 million. A newly created wallet withdrew 3,377 ETH from OKX, worth around $7.52 million. The transfers point to steady interest from large holders even as the broader market stays weak.
Whale withdrawals continue
The moves fit a wider pattern. CoinGlass data showed Ethereum spot netflow at about minus $35.45 million at the time of reporting. That means withdrawals from exchanges outpaced deposits. October saw several large outflow spikes too. In theory, coins leaving exchanges can reduce the supply available for immediate selling. But that has not yet led to a real price rebound. ETH remains under pressure.
Spot outflows meet bearish derivatives
The derivatives market tells a different story. Ethereum’s OI-weighted funding rate fell to -0.0097%, a sharp shift from mostly positive readings in October. Negative funding means short traders are paying long traders. That suggests more traders want bearish exposure. The signal is not proof of more losses, though. A sudden buying wave could force short liquidations and change the setup quickly. So the market is split: spot withdrawals hint at accumulation, while leveraged traders lean cautious.
What $2,200 means for ETH
On the daily chart, Ethereum traded around $2,240 at press time inside a descending channel. Bears had already pushed it below $2,300, weakening earlier support. Price is now near $2,200, a level buyers may need to defend. The RSI dropped to 29.78, which puts it in oversold territory and points to heavy selling. The MACD also stayed below its signal line, with a negative histogram. That keeps the trend in bearish hands for now.
A sustained rebound would likely need two things. First, buyers must hold $2,200. Second, ETH would need to reclaim $2,300. Until then, the whale withdrawals and exchange outflows offer possible recovery signals, but they are not enough on their own. The market still faces bearish pressure, and traders are watching whether the $2,200 area can hold.
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