ETH Whale Pulls $164M Off Coinbase Prime as Spot Netflow Stays Negative Below $1,944
A tracked wallet built an 89,396 ETH position in three days via Coinbase Prime withdrawals, even as Ethereum's Balance of Power turns negative.
A single tracked wallet withdrew 89,396 ETH from Coinbase Prime over three days, a position worth roughly $164.88 million at recent prices, according to on-chain tracker Lookonchain and CryptoQuant data cited by AMBCrypto. The buying came as Ethereum traded near $1,823, down 3.6% over 24 hours, after an attempted rebound was rejected at $1,944 three days earlier.
Three-day accumulation traced to newly created wallets
Lookonchain flagged two newly created wallets that pulled 20,000 ETH off Coinbase Prime in two separate 10,000-ETH batches, a withdrawal valued at $37.72 million. The tracker linked the same entity to a larger purchase of 30,000 ETH worth $57.6 million on July 16, bringing the three-day total to 89,396 ETH.
CryptoQuant’s Spot Average Order Size metric separately showed large whale-sized orders hitting the market for seven consecutive days. The reading captured both buy-side and sell-side flow, confirming elevated whale participation without pinning down net directional bias.
Exchange outflows slow but stay negative
CoinGlass data showed Ethereum’s Spot Netflow remained negative for a second straight day, printing -$23.6 million versus -$49 million the prior session. The narrowing gap indicates outflows are slowing even as more ETH continues to leave exchanges than enters them, a pattern consistent with the reported Coinbase Prime withdrawals — though exchange outflows alone don’t confirm every unit moved represents long-term accumulation.
Market structure indicators point the other way. Ethereum’s Balance of Power fell from 0.93 to -0.61 on TradingView data, flipping into negative territory and signaling sellers retain control of short-term price action despite the reported whale demand.
Levels to watch
Continued weakness could push ETH below $1,800 toward $1,774, per the technical setup described by AMBCrypto. Sustained buying pressure, by contrast, could help Ethereum defend $1,800 and retest $1,928 — a reclaim of that level would reopen a path back toward $2,000.
The episode underscores a recurring tension in current ETH market structure: on-chain accumulation by large wallets is measurable and verifiable, but it has not yet been sufficient to flip short-term momentum indicators positive while the asset trades below the $1,944 rejection zone.
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