On-chain data shows that deep-pocketed investors, often referred to as whales and sharks, are aggressively buying Ethereum. They continue to accumulate even as the asset trades sideways just below the $4,000 mark.
On October 24, a blockchain analytics platform reported that wallets controlling between 100 and 10,000 ETH ($3,953.55) had increased their holdings by more than 218,000 ETH. At current market prices, the purchases are worth more than $870 million.
Whales add $870 million in ETH
According to the firm, the timing of these purchases is notable considering that this cohort had downloaded around 1.36 million ETH between October 5 and 16.
Notably, this period coincided with one of the most volatile stretches in the crypto industry, as over $20 billion in leveraged positions were wiped from the market.
The crisis occurred after President Donald Trump’s announcement to impose a 100% tariff on Chinese products. The move shook global risk assets and sparked a brief flight from digital currencies.
However, its recent series of purchases suggests that confidence is gradually returning among Ethereum’s largest shareholders. They have now recovered almost a sixth of what they previously sold.
Considering this renewed wave of faith, the price of ETH has largely stabilized this week. It rose about 2%, peaking near $4,100 before settling around $3,912 at the time of publication.
Industry experts now interpret this stability as an early sign that whales are accumulating strategically rather than speculating on short-term swings.
That change in behavior has also fueled optimism among traders.
On Polymarket, several bettors predict that ETH could surpass $5,000 before the end of the year, with some calling for a possible run towards $10,000.
They argue that the network’s growing role in stablecoins, tokenization of real-world assets, and institutional settlement systems could sustain this rally.
If that thesis holds, Ethereum’s recent whale accumulation may not be driven by trading momentum. Rather, it could mark early preparation for the next structural rebound in digital asset demand.
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