Large Ethereum holders are quietly making moves that could hint at a major market shift. According to on-chain data from CryptoQuant, wallets holding between 10,000 and 100,000 ETH — known as Ethereum whales — have accumulated 7.6 million ETH since April 2025, marking a 52% increase in total holdings.
Analysts suggest this accumulation phase often precedes major price reversals, particularly when combined with increasing trading volume and improved market sentiment.
Whale Accumulation Strengthens Ethereum Outlook
Ethereum has been consolidating near the $3,000 level for weeks, creating what analysts describe as a compression zone — a price range where volatility declines before a potential breakout.
Whale buying activity has intensified throughout this phase. The data shows large addresses have expanded their holdings steadily since April, while smaller wallets holding 100–1,000 ETH have reduced their balances by 16%, suggesting retail investors remain cautious amid broader market uncertainty.
CryptoQuant analyst ShayanMarkets noted that repeated spikes in spot trading volume since early November mirror patterns historically seen before major Ethereum rallies.
“The volume and price compression indicate late-stage accumulation. Historically, these setups have often preceded powerful uptrends,” Shayan explained.
This pattern has analysts speculating that Ethereum could be nearing a breakout point — provided broader market conditions continue to stabilize.
Macro Factors Fuel Renewed Risk Appetite
The timing of this accumulation aligns with an improving macroeconomic backdrop, including growing optimism that the U.S. government shutdown will soon be resolved.
According to QCP Capital, renewed risk appetite across global markets has driven Bitcoin back above $106,000, after multiple dips below $100,000 earlier this month. Ethereum has followed suit, buoyed by the easing fear of liquidity shocks.
Despite continued outflows from spot crypto ETFs and selling pressure from older wallets (often called “OGs”), the market has managed to absorb this supply without major structural breakdowns.
The firm noted that risk reversals — a measure of investor demand for downside protection — have eased, suggesting reduced fear of further liquidation events.
Institutional Movements Still Show Mixed Signals
While whale accumulation paints a bullish picture, institutional flows tell a more cautious story. Data from CoinShares revealed that institutional investors withdrew $1.17 billion from crypto funds last week, marking the second consecutive week of heavy outflows.
The U.S. accounted for $1.22 billion of those redemptions, while Germany and Switzerland recorded moderate inflows of $41.3 million and $49.7 million, respectively.
Ethereum-specific products saw $438 million in outflows, though analysts believe this may reflect profit-taking rather than a fundamental shift in sentiment.
Interestingly, short Bitcoin ETPs — which bet against the market — saw $11.8 million in inflows, the largest since May 2025. This divergence suggests that while whales are accumulating, institutional traders remain hedged, awaiting clearer macro signals.
Whales Betting on Ethereum’s Long-Term Strength
Despite mixed short-term sentiment, large holders appear to be positioning for Ethereum’s long-term resilience.
The ongoing Ethereum staking growth, Layer-2 expansion, and potential ETF approvals have strengthened confidence among sophisticated investors. As of early November, over 32 million ETH are staked across the network — locking up nearly 27% of circulating supply and reducing liquid selling pressure.
Combined with whale accumulation, these factors could set the stage for a supply squeeze if demand increases in early 2026.
Analysts See Parallels to Past Market Bottoms
Market analysts point to historical precedents — similar whale accumulation patterns occurred during previous market troughs in 2019 and 2022, both of which were followed by substantial uptrends.
If the pattern repeats, Ethereum could be on the verge of another rally, with whales once again leading the charge.
However, experts caution that a breakout depends heavily on macroeconomic conditions, U.S. monetary policy, and ETF inflows over the coming months.
Conclusion: Smart Money Is Positioning Early
Ethereum’s latest whale accumulation wave suggests renewed conviction among long-term investors. While retail participants remain cautious and institutions continue to rebalance, on-chain signals indicate that smart money is quietly positioning for an eventual rebound.
If macro headwinds ease and trading volumes sustain their upward trend, Ethereum could soon exit its months-long consolidation phase and begin a new upward cycle.
For now, all eyes are on whether these 7.6 million newly accumulated ETH mark the foundation of the next major Ethereum rally — or just another pause before the market’s next move.
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