Investors withdrew 230,000 ETH from the exchanges in just 48 hours
Ethereum joined the rest of the market last day in falling to a multi-month low of $3,500 before recovering slightly to $3,850 as of now.
During this harrowing crash, different investors exhibited different types of behavior, from bulk selling to buying during the dip.
The ETH flash crash in the summer of 2017 is the closest event I can think of compared to what happened yesterday.
Even during the Covid crash, I can’t remember so many great alts losing so much so quickly.
The difference with this liquidation cascade was that it occurred in a more… https://t.co/Ag1CGqA42m
— KALEO (@CryptoKaleo) October 11, 2025
Who sells and buys?
Facts from Lookonchain revealed that even those who didn’t use their own money to amass Ethereum decided to sell off some of their illegally amassed ETH fortune. Two wallets allegedly linked to hackers dumped more than $20 million worth of ETH, which was purchased with illicit proceeds just over a week ago. So they suffered a significant loss of $3.7 million.
In contrast, the monitoring source noted that whales and institutions appear unfazed by the market-wide disaster. Another report indicated that these types of larger investors had continued to accumulate ETH. A wallet likely related to Bitmine raised $126 million worth of ETH, while an OG whale bought 14,165 ETH.
Whales and institutions are still piling up $ETH amid the market crash.
Two new wallets (probably belonging to #Bitmine) withdrew 33,323 $ETH($126.4 million) from #FalconX And #Kraken.
OTC whales bought 14,165 $ETH($55.5 million) by #FalconX, #CoinbaseAnd #Wintermute.… pic.twitter.com/N9K2jTT3bh
— Lookonchain (@lookonchain) October 11, 2025
However, Ethereum’s crash hurt Tom Lee’s Bitmine Immersion. turn his position in a paper value loss of almost $2 billion at one point.
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ETH withdrawn from exchanges
Ali Martinez, the popular crypto analyst with 160,000 followers on X, confirmed the story that investors have withdrawn their ETH from centralized exchanges. He shared a post showing that 230,000 ETH have been withdrawn from trading platforms, which is generally considered a bullish development as it reduces immediate selling pressure.
From a USD perspective, this supply is worth almost $900 million at current prices, given ETH’s drop to $3,850 at the time of writing.
230,000 Ethereum $ETH removed from exchanges within 48 hours! pic.twitter.com/Gfqx8Waiox
— Ali (@ali_charts) October 11, 2025
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