On-chain data shows that deep-pocketed investors, often referred to as whales and sharks, are actively buying Ethereum. They continue to accumulate even as the asset trades sideways just below the $4,000 mark.
On October 24th, the blockchain analytics platform reported that the holdings of wallets it manages between 100 and 10,000 ETH have increased by more than 218,000 ETH. At current market prices, the acquisition price is more than $870 million.
Whales increase ETH by $870 million
The timing of these purchases is notable considering the group unloaded approximately 1.36 million ETH from October 5th to 16th, according to the company.
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This period in particular coincided with one of the crypto industry’s most volatile periods, with over $20 billion of leveraged positions being wiped out of the market.
The decline came after President Donald Trump announced that he would impose 100% tariffs on Chinese goods. The move shook global risk assets and caused a temporary flight from digital currencies.
However, a recent series of purchases suggests that confidence is slowly returning among Ethereum’s largest stakeholders. They have now recovered almost a sixth of what they previously sold.
Considering this new wave of faith, the price of ETH has largely stabilized this week. It rose about 2%, peaking at around $4,100 and settling at around $3,912 at the time of writing.
Industry experts are now interpreting this stability as an early signal that whales are accumulating strategically, rather than speculating on short-term fluctuations.
This change in behavior is also fueling optimism among traders.
On Polymarket, several bettors are predicting that ETH could surpass $5,000 by the end of the year, with some calling for a possible rally towards $10,000.
They argue that stablecoins, real-world asset tokenization, and the growing role of networks in institutional payment systems could sustain this rise.
If this theory holds true, Ethereum’s recent whale accumulation may not be driven by trading momentum. Rather, it could signal early preparation for the next structural upswing in digital asset demand.
