Key Insights:
- Ethereum crypto bullish momentum cools after retesting its 6-month resistance.
- An X user, 0xNobler, reported that BlackRock has been selling millions worth of ETH and BTC.
- Whale orderbooks reflect the bearish shift, with both spot and derivatives positions signaling profit-taking.
Ethereum has just experienced its most bullish week of 2026 thus far. Even so, it may be primed for a profit-taking retracement, though broader bull market expectations continue to point toward potential higher rallies.
Several elements currently signal a potential downside turn for ETH as its native asset.">Ethereum, particularly as the cryptocurrency crossed the $2,400 threshold for the first time since the early days of May.
That exact threshold acted as an ETH as its native asset.">Ethereum resistance area throughout its six-month consolidation period. At the time of publication, the price of ETH changed hands at $2,429.
A second major catalyst hinting at a possible pullback was that the Ethereum-native asset had pushed deep into overbought conditions. Over the prior 24 hours, bullish ETH price momentum had slowed down markedly compared to its strong showing on Wednesday and Thursday.
BlackRock is Reportedly Selling ETH Crypto and Bitcoin in Bulk
Institutional capital drove much of the recent rally in ETH and BTC. Ethereum ETFs alone captured $508.6 million beginning Monday, marking the highest weekly inflows seen in several months.
Nevertheless, the primary takeaway closing out the week is that BlackRock has reportedly engaged in aggressive profit-taking over the past 24 hours.
DeFi researcher 0xNobler shared on Twitter that BlackRock may be locking in gains. Interestingly, BlackRock’s ETHA ranked among the top Ethereum ETFs accumulating the asset during the week.
The involvement of a leading institutional buyer shifting to profit-taking could reinforce bearish sentiment and introduce extra selling pressure to the market.
Ethereum Crypto Whale Orderbooks Reveal Heavy Bearish Positioning
Adding to the bearish signals implied by BlackRock’s large-scale selling, prominent orderbook activity likewise points toward a potential downturn.
Data from CoinGlass reveals that completed ETH whale orders on the spot market resulted in net outflows of $2.66 million on Binance and $8.44 million on OKX.
Looking at the derivatives sector, OKX futures recorded net short positions totaling $767.16 million. Coinbase also leaned bearish, though its figures stayed below $1 million.
Conversely, Binance managed to generate $359.13 million in long positions. Even so, the derivatives market remained net negative overall, indicating that whales favored the bearish side throughout Friday’s trading sessions.
It is worth pointing out that ETH derivatives featured billions of dollars worth of short positions on Thursday and early Friday. The latest data reveals a slight shift in sentiment among short sellers, likely driven by the heavy losses they recently suffered.
What’s Next for Ethereum Crypto?
The reduction in whale short positioning implies that short sellers might be stepping back. However, the substantial profit-taking seen at current highs—particularly by BlackRock—highlights a critical dynamic.
The tug-of-war between Ethereum bulls and bears continues, arriving at a stage where market dominance faces a real test. Whether ETH maintains its bullish momentum will depend on incoming demand’s ability to absorb the profit-taking.
On the flip side, if demand cools, ETH may succumb to a selloff sparked by profit-taking. With recent enthusiasm leaving the market to question if the true bull run has finally arrived, these next few days could serve as a decisive turning point.
Frequently Asked Questions
- What price level did Ethereum recently cross? Ethereum crossed $2,400 for the first time since early May, trading at $2,429 at press time.
- Why are analysts anticipating a potential ETH retracement? The asset has retested a 6-month resistance zone, entered deep overbought territory, and faced heavy profit-taking from major institutional players.
- Is BlackRock selling its cryptocurrency holdings? Reports indicate that BlackRock has been aggressively taking profits and selling millions worth of both ETH and BTC.
- What do whale orderbooks indicate about current market sentiment? Spot market data shows net outflows on major exchanges, while derivatives show heavy overall short positioning, pointing to a bearish shift among whales.
