Ethereum (ETH) Slides Under $2,300 Amid Major Whale Dumping and ETF Withdrawals

Key Takeaways Large whale address transferred 244K ETH to Binance across three days, creating downward price pressure Spot Ethereum ETFs in the US registered $103.5 million in withdrawals, breaking a four-day positive flow trend Since February’s market low, institutional investors have preferred Bitcoin allocations over Ethereum holdings An address connected to Erik Voorhees accumulated 2,920 ETH valued at $6.67 million USDT during recent weakness ETH price is range-bound between $2,197 floor and $2,389 ceiling, eyeing $3,000 as major bullish milestone Ethereum hovers around $2,290 on Friday, retreating from its weekly peak as major whale distributions and deteriorating ETF flows create headwinds. Ethereum (ETH) Price A substantial whale address, reportedly connected to Bitcoin veteran Garrett Jin, moved 78K ETH into Binance on Friday. This followed an earlier 166K ETH deposit on Wednesday, totaling 244K ETH in potential liquidations within a three-day window. The timing of these transfers correlates with ETH’s nearly 6% correction, sliding from $2,423 down to $2,277 during the identical timeframe. Jin has demonstrated market timing ability previously, notably executing a leverage liquidation strategy on October 10 after establishing a $1.1 billion short stake. He also absorbed a $378 million loss from bullish positions in January. On the fund flow front, US-based spot Ethereum ETFs reversed their four-day accumulation pattern on Thursday, recording $103.5 million in net withdrawals. According to SoSoValue data, on May 8 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $146 million, while U.S. spot Ethereum ETFs saw a total net inflow of $3.57 million. pic.twitter.com/PpNVPkutjB — Wu Blockchain (@WuBlockchain) May 9, 2026 Analysis from CryptoQuant reveals Bitcoin-focused funds have accumulated 92,116 BTC since February’s market trough, whereas Ethereum funds have decreased holdings by 127,000 ETH during the corresponding timeframe. “Throughout volatil...