Ethereum wallets that possess between 10,000 and 100,000 ETH have now attained unrealized profit levels comparable to those observed at the height of the market in 2021. This data indicates that significant holders are once more enjoying substantial paper profits. In 2017, whale wallets experienced unrealized profits reaching a staggering $15 billion. By 2021, this figure had surged to over $45 billion. As of September 2025, that level has been reached.
Reports indicate a distinct resurgence into the high-profit territory reminiscent of the periods preceding ETH’s most significant rallies. While past conditions have resulted in significant price surges, there is no assurance that history will repeat itself this time around. In early 2025, Ethereum experienced significant volumes of ETH being transferred to exchanges. During February and March, there were inflows exceeding 200,000 ETH as the price declined from more than $3,000 to approximately $1,500. This activity generally indicates a selling trend. Interestingly, that trend saw a reversal by mid-2025. Starting in June, there was a notable trend of more ETH exiting exchanges than entering them. Outflow spikes were observed between 200,000 and 400,000 ETH. This shift in behavior occurred as ETH began its recovery, surpassing the $4,000 mark.
Significant outflows frequently correlate with diminished sell-side engagement as cryptocurrencies are transferred away from exchanges. Throughout August and September, this trend persisted as ETH hovered around the $4,500 mark. Withdrawals stayed elevated, indicating that holders were opting to secure their ETH away from platforms, likely for long-term storage or staking purposes. During the latter part of 2024 and the initial months of 2025, daily staking deposits are expected to fluctuate between 20,000 and 100,000 ETH.
In November 2024 and March 2025, there were significant surges, as ETH was trading within the range of $2,000 to $2,500. Significant inflows started to emerge around the middle of 2025, following ETH’s bottom formation in April. In August, staking inflows reached impressive levels, with daily amounts ranging from 250,000 to 300,000 ETH, marking the highest figures of the year. With substantial deposits flowing in and ETH surpassing the $4,000 mark, this likely indicates a heightened commitment to the network from participants. However, the latest data reveals a significant downturn. In September 2025, staking inflows saw a decline, landing at approximately 8,400 ETH.
This represents the lowest daily level observed since late 2024. The recent pullback may indicate a cooling phase following significant deposits made in the prior month. At press time, ETH was trading at approximately $4,600. The asset has surged more than 4% in the last week and is nearing its former all-time high. This level is currently serving as resistance. During the previous cycle, ETH surged by more than 240% following its breakthrough of previous highs. If the same pattern unfolds once more, the price may trend toward $16,500. At this moment, traders are closely monitoring if ETH can maintain its current levels and successfully close above resistance. If it does, a new upward phase may be on the horizon. The market could continue to consolidate until additional signals emerge.