On April 29, 2025, a wallet associated with Cumberland withdrew 27,632 ETH, valued at approximately $50.24 million, from exchanges including Copper, Binance, and Coinbase.

This significant withdrawal, reported by Lookonchain, highlights a trend of institutional accumulation that may reduce the available supply on exchanges and impact Ethereum's price.

At the time of the withdrawal, Ethereum was trading around $1,818.50, setting the stage for market reactions.

Following this event, ETH's price rose by 1.8%, reaching $1,851.23 by 1:00 PM UTC, indicating a bullish market response.

During the same period, trading volume for ETH/USDT on Binance surged by 14.3%, reflecting increased market interest and potential for further upward momentum.

Additionally, the ETH/BTC trading pair experienced a 9.7% increase in trading volume, suggesting Ethereum's strengthening position against Bitcoin, which is often a precursor to an altcoin season.

On-chain data revealed that Ethereum's exchange reserves decreased by 1.2% in the previous 24 hours, aligning with the observed whale activity.

Currently, 62% of ETH addresses are in profit, a positive sentiment indicator that could encourage further retail accumulation.

Staking participation continues to grow, with over 28 million ETH staked, reflecting increasing confidence in Ethereum's long-term value following its transition to Proof of Stake.

This whale accumulation event is likely to drive institutional interest in ETH staking and DeFi applications, particularly in light of macroeconomic factors and upcoming network upgrades.

Technical analysis supports a potential bullish continuation, with the Relative Strength Index (RSI) at 58.3 and a bullish crossover in the Moving Average Convergence Divergence (MACD) as of April 29, 2025.