Ethereum Price Falls Amid Market Pressure, Whales and Institutions Keep Buying

Ethereum's price slid to $2,400.95 on September 16, down 3.6% in 24 hours, but beneath the surface, large holders and institutions are making moves.

A notable rotation trade occurred when wallet 0x4553 swapped $65.37 million of WBTC and cbBTC for 26,924 ETH worth roughly $64.57 million, suggesting a sophisticated holder expects near-term relative strength in Ethereum.

Institutional buying continues despite the drop, with Abraxas Capital adding another 13,700 ETH in spot purchases worth close to $34.24 million, and BlackRock accumulating 11.69K ETH worth about $28.3 million from Coinbase Prime.