What signals are whales sending by accumulating ETH? On-chain data reveals the true attitude of big players towards Ethereum

The Three Major Moves of ETH Whales Reveal Market Confidence

Ethereum (ETH) whales have recently demonstrated strong accumulation behavior, with these large holders actively voting with their actions. According to on-chain data, the number of addresses holding coins has reached 454 million, but the top 10 addresses account for a concentration of 72.47%, which clearly indicates the influence of a few whales on the market.

Latest data shows that a heavyweight whale bought over 385,000 ETH in a short period, worth approximately $1.38 billion. The same whale also made a single-day purchase of ETH worth as much as $105 million during another period. Such large-scale operations are not forced but are part of a well-thought-out strategic deployment.

Why Are Large Holders Now Frenziedly Accumulating ETH?

1. Confidence in Long-Term Bullishness

Even during times of market pessimism, Ethereum whales continue to add to their positions. What does this imply? Major holders believe in ETH’s long-term growth potential. Historically, every time whales accumulate on a large scale, it’s in preparation for the next rally.

2. Expectations of Protocol Upgrades

The Ethereum network plans to advance major updates like the Fusaka upgrade, which will significantly enhance network scalability and efficiency. Whales have evidently factored these positive developments into their buying plans. They believe these upgrades will attract more institutional capital, further boosting ETH’s value.

3. Macro Environment and Contrarian Positioning

When the market worries about high interest rates and bleak economic prospects, smart large funds are taking contrarian positions. They are betting that interest rates will fall and the economic environment will improve, at which point crypto assets will once again become investment hotspots.

Whales’ “Creative Operations”: Leveraged Borrowing and Accumulation

Besides directly buying ETH, whales are employing more advanced strategies. They leverage DeFi platforms (such as Aave lending protocols) to amplify their holdings.

The specific logic is as follows: whales use their existing assets as collateral to borrow stablecoins from platforms, then use these stablecoins to buy more ETH. The benefit is increasing their positions without selling their current ETH holdings. A recent typical example involved a whale borrowing $270 million in stablecoins to expand their Ethereum holdings.

However, this approach carries risks. If the market suddenly crashes, the whale’s loan positions could be forcibly liquidated. But major players have evidently calculated this risk and believe it’s worth taking.

BitMine: Enterprise-Level ETH Accumulator

If individual whales are playing chess, then enterprise accumulators like BitMine are setting up formations. As the world’s largest institutional Ethereum holder, BitMine recently bought over 110,000 ETH, bringing its total holdings to around 3.5 million ETH, roughly valued at $125 billion.

This is no small feat. A major institutional holder continues to increase its holdings, indirectly demonstrating institutional confidence in ETH’s future. They don’t make unprofitable trades; every purchase is backed by professional risk assessments.

Divergence Among Whales: Accumulators vs Panic Sellers

Interestingly, not all whales are cooperating in accumulation. On-chain data shows clear divergence:

Accumulation faction dominates: Large holders with 1 million to 10 million ETH collectively bought 460,000 ETH over four days. This coordinated accumulation indicates that major funds share a similar outlook on the market.

Panic selling faction: Meanwhile, some whales are quietly reducing their holdings. They might be worried about short-term price movements or need liquidity for other investments.

This divergence is normal. Different whales have different strategies—some are accumulating, others are selling—which reflects a healthy market debate.

On-Chain Technical Outlook: How Likely Is a V-Shaped Reversal?

Looking at ETH’s daily chart, the current price is testing a key resistance level. Analysts have identified a potential V-shaped reversal pattern, which is a classic bottoming signal.

Key indicators to watch include:

• Breakthrough of resistance: If the price can effectively break above the key resistance, it could trigger a sustained rally.
• Volume confirmation: Higher volume during upward moves indicates strong buying intent, and vice versa.

Current volume is indeed expanding, giving bulls more confidence.

The Role of Retail Investors as a “Contrarian Indicator”

An interesting phenomenon: when whales are accumulating, retail investors often panic-sell. During market declines, big funds buy while small investors sell—this contrarian behavior provides whales with opportunities to buy cheaply.

In other words, retail panic selling actually helps whales. The more retail investors panic and sell, the more efficiently whales can collect chips. This is why big funds often profit in the end—they act at the most desperate moments.

Is Now a Good Time to Buy ETH?

Whale accumulation signals are positive, but that doesn’t mean you should blindly buy now. Major players think in terms of years; they’re not worried about short-term fluctuations. Retail investors need to consider their own risk tolerance and investment horizon.

Currently, ETH is priced at around $3,290. Based on whales’ cost basis and their outlook, the current price doesn’t seem unreasonable. But ultimately, investment decisions depend on individual circumstances.

Summary

Ethereum whales are demonstrating what it means to be “bullish on the long term” through their actions. Whether it’s individual large holders buying directly, institutional players increasing their holdings, or leveraging DeFi protocols, all point to the same conclusion: big funds see potential in ETH.

Of course, whales can also make mistakes. But statistically, it’s better to study what these institutional-level players are doing rather than acting blindly. Their investment logic, risk management, and time horizons are worth reflecting on.

The story of ETH is far from over; whales are clearly still deploying their strategies.