In the unexpected turn of events of market behavior, the long-term holders of Ethereum —who rarely move their coins—have stirred. On-chain data shows that over 640,000 ETH has recently been moved into wallets that have no history of selling. This is the biggest inflow—into wallets without a history of selling—since 2018 and marks what may be a pivotal moment for Ethereum’s price. #Ethereum silent whales are back! 640,000+ $ETH just moved into wallets that have NEVER SOLD — the biggest inflow since 2018. They know something the market doesn’t. pic.twitter.com/ekPIjAk8qf — Crypto Patel (@CryptoPatel) April 24, 2025 Although this development hasn’t made much of a splash in the news, it’s really quite significant. When these long-term holders (aka “strong hands”) start accumulating en masse, it’s usually a precursor to some kind of market movement. And the type of recent accumulation we’re seeing certainly doesn’t seem like just a bunch of informed folks in the know getting together to have a virtual meet-up. At current prices, the transferred ETH is worth more than $2 billion—not an insignificant “not quite $2.1 billion” confidence expression in Ethereum’s future. Movement of that amount is historically quite bullish—it almost always has been. Not just too, since some movement of large amounts has happened in the short past. Network Activity Surges Amid Technical Breakout Setup A fire of speculation has been fed by a recent increase in the network activity of Ethereum. Over the past 48 hours, the active addresses of ETH have increased by 10%, showing a clear uptick in engagement from users of the network. These kinds of spikes in address activity typically occur when there is intense buying interest in the asset and when investors are repositioning themselves in the market. $ETH active addresses surged 10%. In just 48 hours. Epic Ethereum revenge rally loading? pic.twitter.com/S89a9gs0kj — Ted (@TedPillows) April 24, 2025 Ethereum, from a predictions point of view, is currently forming a colossal bull flag on the monthly timeframe—a bullish continuation pattern that usually resolves to the upside. Price action has consolidated within the flag for several months and is now testing the channel’s lower boundary. This zone is under close observation by technical analysts for a possible breakout. If Ethereum can push past the upper flag resistance, the target price some are projecting is as high as $8,000. That would not only represent a doubling from current price levels but would also likely trigger a revival in altcoins, with Ethereum very much at the head of that charge. $ETH Macro Bull Flag Opportunity : #Ethereum is forming a massive bull flag pattern on the monthly time-frame. Price is right now sitting on the channel's lower band. Breakout Target : 8,000$ pic.twitter.com/7AdgSqkKvQ — Bitcoinsensus (@Bitcoinsensus) April 24, 2025 This bullish technical setup is combined with heightened address activity and with large whale movements, creating a trifecta of positive indicators for Ethereum bulls. ETF Outflows Raise Eyebrows, But Grayscale Breaks the Trend Not all signals are clearly positive, though. On April 23rd (ET), spot Ethereum ETFs overall saw a not inflow of $23.88 million—notable in the context of an otherwise bullish story. The Grayscale Ethereum Trust (ETHE) was the only major ETF to go against this grain, seeing a positive not that day. But the ETHE is not a spot ETF. So what’s the story here? Investor rotation or short-term profit-taking could be the reasons for the recent outflows. Yet Grayscale’s inflows suggest that some institutions remain unfazed. Why, then, is there a divergence? One possible answer is that institutions are not yet willing to bet big on Ethereum but do appear to be kind of sort of betting on it. In terms of Ethereum-focused hedge funds, these still appear to be much more sensitive to regulation than funds betting on Bitcoin. More regulated, more secure seems to be the attitude of crypto hedge funds. On April 23 (ET), spot Bitcoin ETFs recorded a total net inflow of $917 million, marking four consecutive days of net inflows. In contrast, spot Ethereum ETFs saw a total net outflow of $23.88 million, with only the Grayscale ETF (ETH) registering a net inflow.… — Wu Blockchain (@WuBlockchain) April 24, 2025 Even so, the swift outflow serves as a reminder that market sentiment can be highly divergent. While some investors seem to be pulling back, others—mostly the big holders—are going all in. Epic “Revenge Rally” Incoming? All of a sudden, long-dormant wallets are waking up. On-chain activity is shooting through the roof. And the technical structure on the monthly chart for Ethereum is looking incredibly bullish. Of course, this is giving rise to all kinds of fresh speculation, with some folks even hinting that an “epic revenge rally” could be in the cards for ETH. The term has begun to appear among crypto traders who consider Ethereum to be undervalued when compared to Bitcoin’s recent surge in recognition and value. While Bitcoin has been the clear leader in the rally thus far in 2025, many believe that Ethereum is set to enjoy its own moment of triumph—and that moment might be any day now. In a market where stories can change in the blink of an eye, Ethereum’s secretive whales may be moving with the kind of preemptive strike confidence reserved for folks in the know. If their previous actions are any guide, the latest steps they’ve taken are sending a strong message beneath their usual quiet surface. For the broader ETH trading community, that message seems to be crystalizing: something’s cooking. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
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