An unknown Ethereum whale has reportedly rotated funds into gold after locking in an estimated $18.8 million loss, highlighting a growing sense of caution among large crypto investors.
The move comes at a time when digital assets are struggling to regain momentum, pushing some high-net-worth traders to seek shelter in traditional safe-haven assets.
From Ethereum to Gold: ETH Whale Defensive Pivot
Blockchain tracker Lookonchain recently reported the activity of an anonymous Ethereum whale who flipped from Ether to gold. According to the platform, this whale shifted investments into gold after incurring a heavy loss of $18.8 million in just two weeks of trading Ethereum.
The on-chain sleuth, highlighting an image from Arkham Intelligence, revealed that over the past 8 hours, the whale has spent $14.58 million to purchase 3,299 XAUT at an average price of $4,421 per coin.
Meanwhile, Lookonchain had flagged the unknown ETH whale action earlier. On November 18, 2025, the ETH whale had resorted to buying ETH during the dip, purchasing 30,838 ETH tokens worth $110.43 million at an average price of $3,581. However, the strategy backfired, and the ETH whale backed off, selling the tokens at a loss.
What This Means for Ethereum and Market Confidence
Whale activity often offers clues about where the market may be headed, and this shift away from ETH by a major holder adds another layer of uncertainty to Ethereum’s outlook. Further, this rotation reflects a wider risk-off trend across financial markets.
For some large holders, preserving capital now seems to outweigh the temptation to chase short-term rebounds. On-chain data suggests this is not an isolated case, as a significant portion of ETH holders are currently underwater, creating added selling pressure. Additionally, inflows into ETH ETFs are declining as institutional investors withdraw for safety.
Meanwhile, it’s worth noting that historically, whale capitulation can sometimes mark local bottoms, triggering a price reversal, but it can also accelerate declines if confidence continues to erode.
ETH Price Action Struggles to Find Stability
ETH has faced persistent selling pressure, struggling to reclaim key resistance levels despite elevated volatility. Each attempted bounce has been preceded by renewed caution, particularly as large holders appear less willing to accumulate aggressively.
Thus, ETH’s near-term direction may depend on whether whales resume buying at lower levels or continue rotating into safer assets. However, it’s worth noting that Matrixport had flagged a monster triangle pattern that has been forming on the Ethereum price chart since 2021.
According to Matrixport, this is a make-or-break point that could send Ethereum to new highs or trigger a longer period of consolidation. Meanwhile, CoinMarketCap data shows that ETH has seen a modest 2.1% surge, pushing it slightly above $3,000.
The CoinRemark Team
