The transfers, flagged by on-chain tracker Lookonchain, have fueled speculation that the firm may be rotating from ETH into BTC amid shifting market sentiment.
The moves came just days after Ethereum surged to a new all-time high on August 22, supported by optimism around a dovish shift from the Federal Reserve and expectations of a September rate cut.
Despite the heavy selling pressure, ETH is holding above $4,700, with key support resting at $4,650. Analysts say maintaining that level could keep bulls in control, though a drop below might trigger a slide toward $4,000.
Some traders view Matrixport’s repositioning as simple portfolio balancing, while others warn it could weigh on Ethereum’s short-term performance. Large whale transfers often heighten volatility, even when fundamentals remain strong.
Bullish narratives around ETF approval hopes and ongoing network upgrades are keeping market confidence intact. Technical analysts also point to a “bull flag” pattern on Ethereum’s daily chart, which could pave the way for a breakout toward $5,500. Still, concerns linger that continued profit-taking by whales could delay that move.
For now, Ethereum remains resilient, but investors are watching closely to see if Matrixport’s activity signals a broader trend.
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