A crypto community on high alert just witnessed a transaction that screamed whale. Just hours ago, a wallet suspected to be linked to prominent trader @General6316 withdrew over $5.47 million worth of $PEPE and $ETH from centralized exchange Bybit.
The move has sent social media into a tizzy and on-chain analytics circles into overdrive as we all wonder what’s really going on. Is this the precursor to a bullish play? Or is something more sinister at work here?
The current movement of this wallet is drawing a lot of attention, with PEPE’s price looking a bit overextended and Ethereum hovering just under some key resistance levels.
Pepe Massive Withdrawal: Timing and Prices Raise Eyebrows
Wallet address 0x1D684b6D4985e51EdDa9E51706612530b977C0F0 is at the eye of the storm. Analytics platform Arkham has tagged this address as potentially belonging to @General6316. Just under four hours ago, this address executed a massive withdrawal from Bybit, withdrawing to the tune of $5.469 million in assets.
Whale Watch: Suspected @General6316 Wallet Pulls $5.47M in PEPE & ETH from Bybit
The wallet 0x1D684b6D4985e51EdDa9E51706612530b977C0F0, suspected to belong to @General6316 (per Arkham tag), just made a bold move—withdrawing $5.469M worth of $PEPE and $ETH from Bybit, 4 hours ago. pic.twitter.com/l31py4yiqp— EyeOnChain 🔶 (@EyeOnChain) May 15, 2025
The wallet divided up its tallies of $PEPE and $ETH, pulling out $PEPE at a price of $0.0000135 and $ETH at $2,544 per coin—both at numbers that can move the market. These are not small sums, and they either show confidence in those assets or a tactical move ahead of some impending volatility.
A public on-chain move is usually a signal to other traders that something significant is about to happen.
Although the wallet has not taken any additional action, the move to withdraw funds has been sufficient to impact overall market sentiment, especially concerning PEPE, which has been enjoying swift growth in recent weeks.
Is a Pullback Looming for PEPE? Technical Analysis Says ‘Yes’
Respected market analyst Ali Martinez has observed something that adds context to the current market setup and, in doing so, has only stoked the intrigue surrounding it. Martinez shared the TD Sequential indicator payoff. Martinez : According to the TD Sequential indicator—a popular technical analysis tool used to identify trend exhaustion—that has flashed a sell signal on PEPE’s daily chart.
The PEPE has gotten a lot of attention lately, and for good reason. But all that attention has also made the TD Sequential a lot less reliable, especially as a potential top caller. When the PEPE was more obscure and less traded, the Sequential had a much clearer path to follow. Given that it’s now so much more in the spotlight, and so much more in the sights of folks who might want to take profits and trade it back down, we might want to start trusting the Sequential a little less.
The TD Sequential has been spot-on with $PEPE daily chart. And it’s now flashing a sell signal, suggesting a potential pullback ahead. pic.twitter.com/3aTrPUHI4A
— Ali (@ali_charts) May 15, 2025
If the sell signal plays out, then this could signal a short-term top for PEPE, especially if other large holders begin to follow suit. In such a scenario, this early exit may look increasingly strategic, rather than speculative.
Other people see a different possibility, however.
Accumulation or Distribution? Community Divided
The $5.47 million question is whether @General6316 is getting ready to accumulate more in a private wallet for a long-term hold, or if he is setting up to sell over the counter (OTC) or via decentralized exchanges to avoid slippage and scrutiny.
Interpretation of whale movements often requires context. Large withdrawals from centralized exchanges can mean accumulation, as traders often store assets off-exchange for long-term safekeeping or DeFi deployment. When we withdraw from Coinbase, that definitely doesn’t mean we’re looking to sell anytime soon. But pair large withdrawals with technical sell signals and volatile sentiment, and some see it as a potential warning sign—especially if sell-side pressure starts increasing in the coming days.
When it comes to market conditions, whales may find even their best positions not paying off. With the broader market combating macroeconomic headwinds and Ethereum itself not managing to really go up in value lately, why wouldn’t those top traders be playing it safe and pulling cash out when they can?
At the same time, PEPE is a high-risk, high-reward asset. It is a memecoin that retail traders love, but institutional investors are starting to keep tabs on it. Recent trading volume and volatility have caught their attention.
Final Thoughts: Watch This Wallet Closely
Sending a signal from one of crypto’s closely watched whales, this wallet has just moved $5.47M worth of crypto. Whether it’s a play for a larger amount or an exit strategy remains unclear.
When follow-up transactions start to flow—be they into DEXes, liquidity pools, or just to cold storage for safekeeping—there will be that much more data for traders to trade with. Until then, the gathered in the past few days will have to suffice. And even if they are a bit scanty, they are the basis of the trading decisions being made this very moment. So it’s probably best to keep an eye on 0x1D684b6D4985e51EdDa9E51706612530b977C0F0.
In cryptocurrency, big-name investors—whales—don’t make random moves. When they make a move, it’s usually the first splash before a much bigger wave hits the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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