Ethereum (ETH) rose nearly 5% in 24 hours to trade at $1,916, outpacing a broader crypto market that gained 3.28% during the same period, even as on-chain data revealed a split among large holders - with co-founder Vitalik Buterin continuing to sell tokens while treasury firms and whales moved in both directions.
What Happened: Large Holders Diverge
Lookonchain, a blockchain analytics platform, reported that Buterin recently sold 675.88 ETH, bringing his total monthly sales to 11,422 ETH worth roughly $23.33 million.
The sales are part of a previously disclosed plan to strategically deploy 16,384 ETH for long-term objectives.
"His plan was to sell 16,384 ETH. About 70% is done," Lookonchain said.
On-chain data from Arkham Intelligence confirmed additional ETH transfers linked to Buterin's wallets.
Separately, Lookonchain reported that FG Nexus, an Ethereum treasury company, transferred 7,550 ETH - approximately $14.06 million - to Galaxy Digital. The firm had accumulated 50,770 ETH at an average price of roughly $3,860 during August and September 2025 but has since begun liquidating, offloading 21,025 ETH at an average of about $2,649.
FG Nexus still holds 30,094 ETH valued at $57.5 million, sitting on total losses of $82.8 million. Meanwhile, BitMine has expanded its position despite unrealized losses exceeding $7 billion, acquiring 51,162 ETH last week for more than $93 million and bringing its total to 4,422,659 ETH.
One whale, identified as 0x2bd7, swapped 205 Bitcoin (BTC) worth $13.45 million for 6,973 ETH at a rate of 0.02944.
Why It Matters: Recovery Faces Resistance
ETH's 5% daily gain has not erased doubts about near-term direction. Analyst Ted Pillows warned that the rally remains fragile.
"Until ETH reclaims the $2,000 level, it's still likely that the entire pump could be retraced," he said.
Another trader, Kaleo, pointed to a double bottom forming off higher-timeframe support as a potential setup for a move back above $2,000.
The continued selling by Buterin and treasury firms, combined with accumulation by others, underscores the unresolved tension in Ethereum's market. Short-term price action appears closely tied to broader market momentum rather than any single holder's positioning.