Analyst: ETH Whales Have Absorbed All Market Selling Pressure in the Past 30 Days, but Short-Term Bull-Bear Tug-of-War May Intensify

BlockBeats News, August 9 — On-chain data analyst Murphy shared data on social media indicating that the current ETH holding structure is "very healthy," while also showing a clear trend of "de-retailization." Over the past 30 days:

· The total holdings of the shark group (holding 100–1,000 ETH) decreased by 309,000 ETH

· The total holdings of the whale group (holding 1,000–10,000 ETH) decreased by 698,000 ETH

· The total holdings of the super whale group (holding over 10,000 ETH) increased by 2.1 million ETH

Murphy further noted that the increase in holdings by the super whale group not only fully offset the distribution from the above two major groups, but also absorbed the tokens sold by even smaller holders. Currently, the massive amount of ETH accumulated in the $2,500–$2,800 range shows no significant signs of decreasing. With more traditional capital entering the market, if this trend of super whales accumulating continues, ETH is bullish in the medium to long term.

However, for investors chasing higher prices, the situation is somewhat risky. In the short term, there is a strong divergence between ETH’s price and realized profit (RP). The underlying logic is that long-term holdings with high profits are seeing less turnover, gradually shifting to a short-term tug-of-war between bulls and bears. This results in higher prices but lower realized profits. The divergence in RP and the new highs in open interest (OI) are the most notable data indicators of intensified short-term long/short battles in ETH.