ETH Faces Selling Pressure as Whales Move $10.1M to Exchanges Amid Mixed Derivatives Signals

The ETH market is currently experiencing a complex interplay of bearish on-chain whale activity and mixed derivatives signals, set against a backdrop of bullish institutional sentiment from Bitmine. Two significant whale addresses have transferred a combined 3.26K ETH to various centralized exchanges, indicating selling pressure. This is further complicated by a discount in long-dated futures and negative options implied volatility, suggesting a bearish outlook from some market participants. However, a positive funding rate outlier and an increase in open interest on Bybit present contradictory bullish signals, while Bitmine's recent large ETH purchase and bullish price predictions add a layer of institutional confidence that diverges from the immediate selling pressure.