Ethereum Whales Split as ETH ETF Outflows Return and BitMine Eyes Slowdown

Ethereum whales sent contradictory signals as one wallet linked to Erik Voorhees added to a multi-hundred-million-dollar ETH position while a Metalpha-affiliated address offloaded nearly $20M into Binance. 

The divergence coincided with $103.52M in outflows from U.S. spot Ethereum ETFs, snapping a positive run that had accumulated $271.61M since May 1, while treasury firm BitMine Immersion Technologies hinted it may soon slow its record-breaking ETH accumulation pace.

The Erik Voorhees-linked wallet, the same address that previously accumulated 123,184 ETH worth approximately $266M, spent an additional $6.67M USDT to acquire 2,920 ETH at an average price of $2,284, per on-chain analytics firm Lookonchain.

In stark contrast, a wallet associated with crypto asset management firm Metalpha moved decisively in the other direction, depositing 8,771 ETH ($19.99M) into Binance within a 20-minute window, a transfer pattern that on-chain analysts typically interpret as a precursor to selling.

U.S. spot Ethereum ETFs recorded $103.52M in net outflows on May 7, according to SoSoValue data, interrupting what had been a sustained positive inflows run since May 1 totalling $271.61M.

Adding a further note of caution to the demand outlook, publicly traded Ethereum treasury firm BitMine Immersion Technologies disclosed it is approaching its self-imposed 5% circulating supply target and may begin dialing back purchases. 

The firm has accumulated more than 4% of ETH's circulating supply in under a year, at peak pace, buying over 100,000 ETH per week, equivalent to roughly $230M.

Ethereum (ETH) was trading at $2,273 at the time of writing, down 2.7% in the past 24 hours. 

Repeated rejections at the $2,400 level suggest the current price action is developing into a range-rejection phase rather than a broader trend reversal.

The base case points to a potential move toward the $2,200–$2,000 support zone unless bulls achieve a clean reclaim above $2,400 — an area that has consistently attracted sellers. A sustained breakout above that level remains the key invalidation for the bearish scenario.

Ethereum is navigating a fragile juncture where two of its largest demand drivers, institutional ETF flows and BitMine's programmatic buying, are simultaneously showing signs of fatigue. If retail and derivatives markets cannot fill the gap, ETH's ability to defend the $2,000–$2,200 support range will face a more serious test.

Delve into DailyCoin’s trending crypto news today:
Ripple’s Treasury Bets Aim to Push $3 Trillion Through XRP
Building the Rails Nobody Sees: Ramp Network’s CEO on What Actually Survives