BlackRock dumps 192 million USD worth of Ether, does the ETH pump come to an end or is it the beginning of whales buying the dip?

After the strong rebound of Ethereum (ETH) in August, the market atmosphere took a sharp turn downward in September. BlackRock recently dumped $192 million worth of ETH in a single sale, sparking intense discussions in the market about whether "Ethereum has peaked." However, exchange data shows that whales are taking advantage of the dip to accumulate ETH in large quantities, and the confrontation between these two forces may determine the future trend of ETH.

ETF funds significantly flowing out: bullish momentum cooling down

Current price situation: ETH is quoted at around $4,300. Although there has been a wave of dumping due to ETFs, the price still holds key support in the short term.

Capital Outflow Data (CoinGlass):

Since August 29, approximately $1 billion has been continuously flowing out of the ETH ETF.

Over the past two days, more than $540 million has flowed out.

BlackRock dumped 192 million USD in ETH in a single day.

Grayscale, on the contrary, slightly increased its holdings by 11 million dollars.

The speed and scale of ETF capital outflows are often seen as a signal of institutional bearishness, especially when short-term gains have already been exhausted.

Exchange data shows Whale bottom-fishing

In stark contrast to the selling pressure from ETFs, the exchange data shows bullish signals:

Crypto analyst "Martini Man" pointed out that the balance of ETH on the exchange has fallen to a historic low.

Whales are buying a large amount of ETH and transferring it to self-custody wallets.

Market logic: When a large amount of ETH is delisted from the exchange, the circulating supply decreases, which may trigger a "supply shock" and push the price upward.

The Duel of Two Forces

Currently, there are two completely different forces in the ETH market:

ETF fund outflow → bearish pressure

Institutional investors take profits

ETF holdings decrease, short-term demand cools

Exchange balance decline → Bullish support

Whale long-term layout

The reduction in circulating supply lays the groundwork for a future rebound.

The game of "institutional profit-taking vs. whale buying on dips" will determine the direction of ETH in the coming weeks.

Market Outlook: Peak or Starting Point?

Bearish Scenario:

ETF continues to flow out, market sentiment turns bearish

ETH has broken below the 4,000 USD support, which may trigger a deeper adjustment.

Bullish Scenario:

Whales continue to absorb, supply pressure eases.

If it breaks through the resistance of 4,500 US dollars, it may restart the upward trend.

Key Observation Points:

ETF fund flow changes

Exchange ETH balance and on-chain transfer data

Macro market sentiment and Bitcoin trend

Conclusion

BlackRock's $192 million dumping undoubtedly delivered a shockwave to the ETH market, but exchange data shows that whales are quietly accumulating. This tug-of-war between ETF institutions and long-term on-chain funds will determine whether ETH has peaked at a high or is at the starting point of a new round of upward momentum. For investors, the coming weeks will be a golden period to observe changes in market structure.