On-chain analyst Murphy’s report highlights the holding patterns of three ETH whale cohorts — Group A (1k–10k ETH), Group B (10k–100k ETH) and Group C (100k+ ETH) — as key drivers of market liquidity. Historical on-chain metrics show concentrated profit-taking by these whales has coincided with notable price retracements, with single-day cash-outs surpassing the $1 billion mark in March, June and December 2024. On September 18, Group A realized about $1.5 billion, and combined A/B/C outflows were approximately $21.5 billion. These funds were not observed flowing into centralized exchange (CEX) addresses, which could indicate over-the-counter (OTC) settlement, though on-chain routing remains inconclusive. The ultimate effect on ETH depends on market-makers’ ability to absorb off-exchange supply; inadequate absorption increases selling pressure.