While the broader crypto market moved cautiously in February, a large on-chain transaction has suddenly grabbed attention.
According to Onchain Lens, a longtime crypto holder from the 2010-2011 era, often referred to as a “Bitcoin OG,” transferred 261,024 ETH, worth approximately $543 million, to Binance [BNB].
For more than a decade, this investor had kept his assets untouched through every major market boom and bust.
Send such a large amount on the largest exchange in the world often indicates a possible sale plan, which could have consequences for the market.
However, the whale still owns over 808,000 ETH, worth approximately $1.66 billion. This suggests that they are not abandoning crypto completely. Instead, they can simply secure profits or adjust their strategy.
Ethereum’s price action at the time of transfer
The timing of this $543 million transfer is significant. When the early investor moved his money to Binance, Ethereum [ETH] was trading at $2,089.30 and was up slightly by 0.89% over the past 24 hours.
This small increase provided some short-term relief for retailers. However, the bigger picture is still tenuous. Over the past month, ETH has done just that fallen by 37%, showing that the market is still in a strong downtrend.
When a large investor sends such a large amount to an exchange during a small price increase, it often means that he plans to sell while prices are temporarily higher.
A similar pattern emerged in December, when TradingView’s Whale Hunter Indicator showed that large investors were selling during small dips of 3% to 8%, preventing prices from rising.
The technical signs still look weak
Meanwhile, technical indicators also point to caution.
The RSI remains low, indicating that sellers are still in control the MACD has shown small positive signs, with short green bars.
Source: trading view
However, both lines are still below normal levels, meaning the recovery is weak and not yet bringing about a real trend change.
Large investors are also becoming more cautious. On February 13, Ethereum ETFs experienced a small price drop inflow of $10.2 million.
But on February 11 and 12, they recorded much larger outflows totaling $242.2 million.
Traders lose confidence
Another worrying sign is the steady decline in Open Interest (OI) in Ethereum derivatives. Since August 2025, the OI has fallen, meaning fewer traders are keeping positions open.
Source: Coinglass
Simply put, traders don’t just lose money; they lose interest. When Open Interest falls along with prices, it usually means people are closing their trades and leaving the market rather than buying more.
Overall, the massive whale transfer, weak market signals and declining confidence indicate that Ethereum remains vulnerable, with investors closely watching for the next big move.
Final summary
- Despite the massive transfers, the whale still holds a large amount of Ethereum, indicating a strategy and not panic.
- Technical indicators such as RSI and MACD continue to warn that sellers are still in control.