• Ethereum whales resume buying, signaling renewed confidence after weeks of selling pressure.
• On-chain data shows major wallets accumulating ETH again, hinting at market stabilization.
• Rising network activity and stablecoin volume reinforce optimism for Ethereum’s next rally.

The Ethereum whales that were selling weeks ago are now buying. The fact that they’re building up again says something about the market’s attitude. For Ethereum, it has been a modest gain over the past one week after an extended profit-taking session. 

The move is coming amid growing investor optimism, as Bitcoin continues around $111,744 and the total market capitalization for all cryptocurrencies in existence to over $3.76 trillion.

Santiment on-chain analysis shows 100 to 10,000 wallet count ETH in the accumulation stage. It was the big holders that sold, 1.36 million ETH was sold between October 5 and 16. They have since repurchased nearly a sixth of what they sold.

Whale Moves Signal Growing Ethereum Confidence

The whale activity has perked up and that’s a big difference. Large players have a tendency to reverse the intimate market cycles that dictate to the bigger trader which way its going. The slight gain of Ethereum is in the same trend.

Also Read: Ethereum Eyes $5,000 as Experts Watch $4,000 Resistance for Next Rally

Some whale wallets have made huge maneuvers. At least one of those big addresses, which is identified as 0x395, moved 12,000 ETH—equivalent to about $46.3 million—from Binance in Oct. Withdrawal was made at average $3,854. The wallet still holds about 68,000 ETH which is worth around $264 million at current prices.

The same wallet had previously bought Ethereum at an average price of ranged $3,000 – 3,027 in June August, the data shows. It later sold a portion of its holdings as September and early October ticked by, around 4,218. Perhaps the recent pullback can be a tipping point to the accumulation. It’s a trend that fits into the broader approach of long-term investors adding to their share of the market when everything appears gloomic.

Big Holders Bet on Ethereum

Another hefty Ethereum whale wallet, the 0x86E, did something similar recently. On October 23, it moved 8,491 ETH — valued then at about $32.5 million — out of the small splinters of crypto exchange OKX. 

This coordinated trading among the biggest holders indicates a surge in whale buying on various exchanges. Onchain data from late October validates an increase in purchases at high thresholds, carried out by significant investors.

CoinGlass data indicate an increase of trading activity for Ethereum. There was a steep surge in inflows and outflows around the middle of October. 

Source: Coinglass

Regular transfers from centralized exchanges to private wallets also suggests investors prefer holding rather than trading over the short term. This is consistent with the accumulation phase, when confidence starts to recover and coins are slowly taken out of the market.

Ethereum is still range-bound despite wild fluctuations. ETH has slipped over 11% in the last 60 days after testing towards support at $3,738 briefly. The token has since recovered to about $3,945 on the back of a 24-hour trading volume reaching $27.5 billion. 

For market analysts, this stabilization is seen as a cautious but optimistic indication that we are seeing investor interest return, and some level of base set for continued growth in the Ethereum ecosystem.

Also Read: Ethereum (ETH) Bulls Push for $4,300 Breakout as $3,800 Support Holds Strong