While the wider crypto market has been moving cautiously this February, a major on-chain transaction has suddenly grabbed attention.
According to Onchain Lens, a long-time crypto holder from the 2010–2011 era, often called a “Bitcoin OG,” has transferred 261,024 ETH, worth about $543 million, to Binance [BNB].
For more than ten years, this investor had kept their assets untouched through every major market rise and crash.
Sending such a large amount to the world’s biggest exchange often signals a possible plan to sell, which could affect the market.
However, the whale still holds over 808,000 ETH, valued at around $1.66 billion. This suggests they are not leaving crypto completely. Instead, they may simply be securing profits or adjusting their strategy.
Ethereum’s price action at the time of transfer
The timing of this $543 million transfer is significant. When the early investor moved their funds to Binance, Ethereum [ETH] was trading at $2,089.30 and had risen slightly by 0.89% in the past 24 hours.
This small rise gave some short-term relief to retail traders. However, the bigger picture is still weak. Over the past month, ETH has fallen by 37%, showing that the market is still in a strong downtrend.
When a large investor sends such a huge amount to an exchange during a small price bounce, it often means they are planning to sell while prices are temporarily higher.
A similar pattern appeared in December, when TradingView’s Whale Hunter Indicator showed big investors selling during small dips of 3% to 8%, which stopped prices from going higher.
Technical signs still look weak
Meanwhile, the technical indicators also point to caution.
The RSI remains low, suggesting that sellers are still in control, and the MACD has shown small positive signs, with short green bars appearing.
Source: Trading View
However, both lines are still below normal levels, meaning the recovery is weak and not yet a real trend change.
Big investors are also becoming more careful. On 13th February, Ethereum ETFs saw a small inflow of $10.2 million.
But on the 11 and 12th of February, they recorded much larger outflows totaling $242.2 million, according to Farside Investors.
Traders are losing confidence
Another worrying sign is the steady fall in Open Interest (OI) in Ethereum derivatives. Since August 2025, OI has been declining, meaning fewer traders are keeping open positions.
Source: Coinglass
Simply put, traders are not just losing money; they are losing interest. When Open Interest falls along with prices, it usually means people are closing their trades and leaving the market instead of buying more.
Overall, the massive whale transfer, weak market signals, and falling confidence suggest Ethereum remains fragile, with investors closely watching for the next major move.
Final Summary
- Despite the massive transfers, the whale is still holding a large amount of Ethereum, suggesting a strategy, not panic.
- Technical indicators like RSI and MACD continue to warn that sellers are still in control.
