Ethereum Absorbs a $408M Whale Exit While Relative Strength Persists

A reported whale sold 167,855 ETH, worth approximately $408M, over five days and ETH still recovered above $2,500, indicating substantial demand absorption. ETF inflows, falling exchange supply, ETH/BTC strength, BitMine accumulation, and potential cirBTC/Aave collateral use support the relative-strength case, but $2,550 rejection, crowded longs, and possible additional exchange supply keep downside risk active.