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Ethereum whale empties all positions-what happens next?

2026-09-04 18:16:57
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Ethereum whale withdraws from a US$408 million position

According to online data platform Lookonchain, an Ethereum whale sold all 167,855 ETH held in its wallet within 5 days, with a total value of approximately US$408 million. This clearance action marks that the account has completely withdrawn from its Ethereum position.

This operation began in early September, when the wallet received a large ETH transfer. Subsequently, the giant whale transferred hundreds of millions of dollars in ETH to multiple exchanges in batches, and finally completed all the sell-off. Despite such large-scale selling pressure, ETH prices have rebounded from previous lows below $2,400 and are back at the $2,500 mark amid a stronger broader cryptocurrency market.

Invesco customers continue their ETH holding record

In sharp contrast to the liquidation of Giant Whale, the continued buying by institutional investors. Arkham data shows that customers of Invesco ETF have not recorded any net ETH sales since March 19, 2026, and the holding period has lasted for nearly six months. During this period, customers have increased their holdings of ETH assets worth approximately US$167 million, and these assets are still reported in custody by the custodian, indicating continued exposure.

This trend suggests that despite market volatility, large market participants are adopting different strategies. As ETH prices rose, some institutions chose to continue to accumulate positions, while others chose to take profits.

Notional Finance Suspected to be Exploited

Security firm PeckShieldAlert cited Specter's report that one of Notional Finance's custody or custody contracts was suspected to have been compromised. The incident involved approximately $1.7 million in DAI and USDC funds.

The attacker reportedly converted the stolen funds into approximately 689.2 ETH and routed them through Tornado Cash to confuse the source of the funds. Details are currently limited, and Notional Finance has not yet confirmed every part of the incident. This case adds another risk event worthy of attention for traders monitoring Ethereum-related activities.

Abraxas Capital increased its position in spot ETH

At the same time, Lookonchain reported that Abraxas Capital bought 16,554 ETH units worth approximately US$39.8 million in approximately 12 hours. It is worth noting that the two related Hyperliquid accounts simultaneously held 120,178 short ETH positions worth approximately US$291.4 million.

This structure suggests that this may be a hedging transaction setting rather than a simple long position. This reflects the diversification of positioning strategies that large holders are adopting in different segments of the market (spot and derivatives).

Market Overview

Overall, Ethereum followed the broader crypto market's rise, with ETH trading at close to US$2,513, up approximately 4.3% in 24 hours, and its market value remained above US$306 billion, with market dominance exceeding 11%. Despite negative news such as the clearance of the giant whale, the inflow of institutional funds and the complexity of hedging activities show that market liquidity is still abundant, and the game between the long and short sides is fierce.

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