Several large on-chain holders have been selling bitcoin at material losses while institutional activity in Ethereum staking increases.

Bitcoin sell-offs by major holders

A public company, Nakamoto Inc., reported selling 284 BTC for $20 mln, with an average purchase price of $118,171 per coin and an average sale price of $70,422.

The transaction generated a loss exceeding 40%; the firm stated proceeds were deployed to support operations after corporate mergers.

• Remaining balance: 1,625 BTC on Nakamoto Inc.’s books; annual net loss widened to $52.2 mln.
• An anonymous whale moved 1,102 BTC to Binance, originally acquired eight months earlier at $117,700, incurring a $55.6 mln loss (minus 43%).
• A separate wallet that bought bitcoin in 2013 at $332 added another 500 BTC to exchange flows over the past week.
• Miner MARA Holdings previously sold 15,133 BTC for about $1.1 billion.

On-chain indicators and liquidity

Analysts at CryptoQuant report that the accumulation impulse among large on-chain addresses has faded and distribution has begun among some whales.

The Exchange Whale Ratio rose to 0.6, a level that historically preceded elevated volatility, while fresh capital inflows remain muted and the stablecoin ratio stays low.

Ethereum: staking and institutional accumulation

In contrast, the Ethereum Foundation increased its staking position on 30.03.2026, making a single-largest deposit of 22,517 ETH valued at around $46 mln.

The deposit consisted of 11 transactions to the Beacon Deposit Contract, bringing the foundation’s total staked balance to approximately 24,564 ETH.

The foundation’s stated objective is to grow the stake to 70,000 ETH, directing validation rewards toward grants and ecosystem development.

Meanwhile, BitMine Immersion Technologies reports holding 4.73 million ETH (about 3.92% of total supply) with plans to reach 5%.

Investors in BitMine include funds associated with Cathie Wood, Founders Fund and Pantera Capital; the company cites annual validator revenue near $177 mln.

Tom Lee, chairman of BitMine’s board, said the market is exiting a local crypto winter, framing the company’s accumulation as part of a broader institutional repositioning.

Overall, the market shows a divergent picture: heavy bitcoin selling amid constrained inflows, while ethereum staking attracts larger institutional capital.