Ethereum rose to levels seen in late January, reaching a three-month high of $2,466 before falling back. At the time of writing, Ethereum ($ETH) rose 2.96% to trade at $2,404, adding to a weekly gain of 7%.
The sustained price increase has led Ethereum whales and institutions to look to realize profits.
Aztec Network dumps the entire $ETH stack
Azteca Network has been actively selling its Ethereum holdings over the past three months. In December 2025, the Aztec team sold 1.5 billion AZTEC tokens for $19,388.4. $ETHworth approximately $59.13 million.
Of these tokens, 4,235 $ETHthe equivalent of $12.93 million was added to the liquidity pool. 15,154 remaining $ETH$47.25 million, was sold in its entirety in the past three months.
Lookonchain reported its last sale in which the team offloaded 5,020 pieces. $ETH It was worth $12.33 million and was effectively withdrawn from the market.
The team’s decision to sell is most likely to lock in profits and cover operating costs while preserving its liquidity pool.
In addition to Aztec, other large holders are also increasing their spending. According to Lookonchain, another $3,000 was deposited from a wallet linked to Arthur Hayes. $ETH Worth $7.26 million on Binance.
These two entities sold a total of 8,020 units $ETH Worth $19.59 million. In many cases, increased selling by large holders weakens the market structure, leading to a decline in prices.
Ethereum demand remains stable
Despite the increase in sales from the above companies; $ETH It is generally in good condition. As the upward trend continues, buyers are defending higher price levels.
Exchange activity reflects this growing demand. On April 17th, the number exceeded 1.1 million. $ETH 956k leaked from exchange $ETH I entered the exchange.
As a result, Exchange Netflow dropped to a monthly low of -160,000. $ETH. This trend has further expanded at the time of writing, with Exchange Netflow dropping to -28.5k. $ETH.
Negative NetFlow indicates that more tokens are flowing out of the exchange than flowing into it. The exchange supply ratio further confirms the decline in exchange deposits.
The ESR has fallen to 0.125 and remains near the monthly low. Such a decline suggests that most traders are buying.
Historically, a decline in exchange deposits reduces supply, which increases upward momentum and often acts as a precursor to rising prices.
what’s next $ETH?
Although we have pulled back from the recent rally, the market remains structurally bullish. The altcoin’s momentum turned positive two weeks ago and has maintained since then.
At the same time, the positive index of the Directional Mobility Index (DMI) rose to 27, while the negative index fell to 11.
When momentum indicators are set in this way, they typically indicate the strength of a trend and the likelihood of its continuation. Therefore, if the market structure is maintained and demand is stable, $ETH Switches between $2.4,000 and $2.8,000.
However, if large-scale actors, especially whales and holders, continue to land; $ETH It could fall to $2,170.
Final summary
- Aztec network dump 5,020 $ETH Sold for $12.33 million, increasing total sales to $15,154 $ETH47.25 million dollars.
- Ethereum remains structurally bullish, with bulls eyeing a move towards $2.8 million.
