Ethereum Breaks $3,400: Investors Split Between Buying More and Taking Profits

Ethereum has crossed above $3,400 for the first time in over six months, fueling bullish sentiment across the market. This sharp move has triggered two very different reactions: some investors are locking in profits, while others continue to accumulate aggressively.

Recent on-chain activity shows large ETH purchases from major addresses. One notable entity added over 20,000 ETH—worth more than $68 million—via institutional platforms. In total, this address has accumulated more than 111,000 ETH within just eight days, now holding over 321,000 ETH at an average price of around $2,745. That translates into an unrealized profit of over $200 million.

Another major buyer picked up more than 3,000 ETH at $3,325 per coin, adding to the growing wave of large-scale accumulation. At the same time, multiple high-value wallets have withdrawn tens of thousands of ETH from exchanges like Binance and Kraken. In one case, nearly 88,000 ETH—roughly $250 million—was pulled out from Kraken, pointing to long-term holding or institutional reserve storage.

However, not all major players are holding. One fund sold nearly 80,000 ETH—valued at $250 million—at an average of $3,145. Despite the sale, it still retains more than 100,000 ETH, up significantly from its earlier average entry of $2,118. Another whale recently sold over 98,000 ETH for more than $270 million, locking in $30 million in profit. Even smaller entities have started trimming positions to secure gains.

This divergence in strategy—between accumulation and distribution—shows how some investors view the rally as a breakout in progress, while others treat it as an opportunity to de-risk or take profits. Despite the selling pressure, ETH has held above key levels. After peaking near $3,424, the asset cooled slightly, still holding above $3,300 with a 24-hour gain of nearly 7%.

Ethereum’s position among the top global assets continues to strengthen, with analysts showing optimism for further gains. As real-world adoption, treasury diversification, and tokenization trends grow, ETH’s long-term outlook remains solid—even amid short-term volatility.