- Ethereum realized profits jumped to $74.58 million, the highest level in three weeks.
- Binance ETH depositing addresses surged to nearly 9,000, reaching a yearly high.
- Analysts say traders who accumulated ETH below $2,000 are now taking profits.
Ethereum is facing increasing sell pressure near the $2,200 to $2,260 range, but several analysts believe the current move may be closer to a “final shakeout” than the start of a larger breakdown.
Santiment data showed Ethereum network realized profits surged to $74.58 million, the highest level in three weeks, even as ETH dropped roughly 5.5% over the last three days.
At the same time, CryptoQuant reported a major spike in Binance deposit addresses, with the metric jumping sharply to nearly 9,000 ETH. The move marked the highest exchange deposit activity in more than a year.
Together, the data points to heavy distribution activity near current price levels.
Traders Who Bought Below $2,000 Are Selling
Santiment analysts said the realized profit spike is largely coming from wallets that accumulated Ethereum during February and March, when ETH traded below $2,000.
Those buyers entered during a period dominated by war concerns, macro uncertainty, and weak crypto sentiment. Even after the recent pullback, many of those positions remain profitable.
The chart shared by Santiment showed notable price compression around the $2,241 level across the 4-hour timeframe. During that period, realized profits climbed sharply as on-chain movement accelerated.
The data suggests holders are still willing to lock in gains rather than fully commit to another breakout attempt.
Santiment warned traders to stay cautious in the short term, but the firm also noted that realized losses, not profits, usually become the stronger signal for major bottoms. For now, Ethereum has not entered a broad capitulation phase.
Binance Deposit Spike Shows Rising Fear
CryptoQuant’s Binance exchange depositing addresses chart shows that the metric suddenly surged toward 9,000 ETH, far above the smaller spikes seen throughout late 2025 and early 2026.
The chart also showed Ethereum trading near $2,260 during the spike. Historically, sharp rises in exchange deposit addresses often point to rising sell intent, especially from retail traders.
CryptoQuant analysts said the move likely reflects fear-driven behavior as traders react to inflation data, Federal Reserve uncertainty, and broader macro pressure across risk assets.
Tall green inflow bars in the Binance exchange inflow chart confirmed increased ETH deposits during the recent decline.
Ethereum May Be Entering a Late-Stage Shakeout
Despite the heavy inflows and profit-taking, some analysts believe the structure looks closer to a late-stage shakeout than a fresh bear market breakdown. Several conditions remain different from previous capitulation periods.
Ethereum continues holding above the psychological $2,200 zone even after large exchange inflows and realized profit spikes. Long-term holders also do not appear to be panic-selling.
Instead, the recent activity looks concentrated among shorter-term traders and holders who accumulated during the February-March weakness.
The current setup resembles a market trying to flush out weak hands while larger participants continue absorbing supply near key support zones.
Related: Ethereum Could Breakout Soon: But in Which Direction?
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