In May 2025, Ethereum whales displayed conflicting activity with over $540 million in ETH leaving centralized exchanges without public statements from the Ethereum Foundation. These large withdrawals suggest a potential shift in whale strategy, potentially influencing price resilience or speculative positioning. 10,543 ETH was offloaded by one wallet and accumulated by others, notably Abraxas Capital Management, which strategically bought 278,639 ETH before the Ethereum upgrade. Following this massive withdrawal, ETH reserves on exchanges dropped to 3.9 million ETH, with some whales profiting significantly while options trading volume reached 290,000 ETH call contracts. Bitcoin saw $375 million in inflows, contrasting with Ethereum’s net inflow of just $51 million, highlighting diverse institutional interest. While large withdrawals often signal long-term bullish indicators, the concurrent option flows may indicate anticipated market volatility. The overall activity raises questions about potential regulatory scrutiny as institutional involvement grows. Previous large ETH movements have historically aligned with strategic institutional actions, emphasizing broader market implications.