Ether (ETH), the world’s largest altcoin by market capitalization, has been under pressure, struggling to maintain momentum above $2,000. Particularly, recent market conditions have seen ETH dip below this crucial level, leading to increased selling pressure.
However, while some retail investors may be panicking, large ETH holders—commonly known as whales—are taking a different approach.
According to on-chain data, ETH whales have been aggressively accumulating ETH, with a staggering $236 million worth of purchases in just three days. This suggests growing confidence in ETH’s long-term potential despite short-term volatility.
Ethereum whales buy over 120,000 ETH
Crypto analyst Ali Martinez highlighted a significant spike in whale accumulation on Friday, indicating that large investors seized the opportunity to buy ETH at lower prices. Onchain data further shows that during this period, over 120,000 ETH were acquired, indicating strong buying interest from high-net-worth investors.
A closer look at individual transactions provides further insight into this trend. According to blockchain analytics platform Lookonchain, a single whale recently purchased 7,074 ETH, worth approximately $13.8 million.
This investor withdrew 4,511 ETH (valued at $8.81 million) from the centralized exchange OKX and deposited it into the decentralized finance (DeFi) platform Aave.
After securing the ETH deposit, they borrowed 5 million USDT from Aave, which was then deposited back into OKX to purchase an additional 2,563 ETH, effectively leveraging their position.
This strategic move highlights how large investors are not only accumulating ETH but also utilizing DeFi platforms to maximize their exposure.
Read also: NYSE Pushes for ETH Staking in Grayscale Ethereum ETFs
ETH market performance and outlook
During this accumulation phase, ETH’s price fluctuated between $1,872 and $2,060. At the time of writing, ETH is trading around $1,995, continuing a sideways trend after a short-lived 7% rally last week. Notably, over the past 30 days, ETH has experienced a 27% pullback per Coingecko data, reflecting the broader market correction.
Despite the recent choppy price action, the aggressive whale activity signals strong confidence in ETH’s future. Historically, large-scale accumulation by whales has often preceded significant price movements.
This trend further aligns with forecasts from financial institutions such as VanEck, which recently predicted ETH could surpass $6,000 by 2025.
Read also: VanEck analyzes investment case for Ethereum, sets 2030 price targets.
While short-term volatility may create uncertainty among retail investors, ETH whales are clearly taking advantage of lower prices to increase their holdings.
The $236 million buy wall in just three days highlights the growing belief in ETH’s long-term potential, particularly as the Ethereum blockchain is set to undergo another major upgrade — the Pectra upgrade. Notably, the blockchain ecosystem continues to expand with DeFi, non-fungible tokens (NFTs), and layer-2 scaling solutions.
If history is any indicator, this whale accumulation could be a precursor to a major ETH price rally in the coming months.
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