Whales unloaded 684,000 ETH yesterday — worth $1.75B.

Retail sentiment turned bearish fast.

But if you zoom out, the data tells a more nuanced story.

Let’s unpack it:

1. $ETH only dropped 3.95%

For context: this is one of the largest single-day $ETH sell-offs in months. Yet the price reaction was muted.

→ That suggests strong demand on the other side. Someone is absorbing it.

2. Whale netflow is -83.5k $ETH

A negative netflow shows more $ETH moving out of large holder wallets than in.

→ This often correlates with local sell pressure. But again, the market response was resilient.

3. Taker Buy-Sell Ratio hit a weekly low

Seller dominance is clear. But historically, this metric hitting lows often precedes short-term price recoveries, not breakdowns.

4. Exchange Supply Ratio at a weekly high

More $ETH is sitting on exchanges — usually a bearish signal. But paired with low volatility and stable price, it could indicate whale distribution into willing buyers, not forced exits.

So, does this mean $ETH is safe?

Not exactly. But it does mean the market is efficiently absorbing large-scale selling.

We’ve seen this pattern before:

→ Whales sell into strength

→ Retail exits in fear

→ Smart money quietly accumulates

If $ETH was truly weak, it would’ve broken below the $2.4K range already.

It hasn’t. Not yet.