Whales Are Betting Big On Ethereum, Is A Rise In Sight?

In the face of promising signals in the crypto market, major investors (“whales”) are massively accumulating Ethereum. This trend, coupled with a significant increase in new wallets, suggests a bullish potential for the second largest cryptocurrency by market capitalization.

A record accumulation by major crypto investors

On-chain data revealed by the analytics firm Santiment shows unusual activity among large Ethereum wallets since October 24. These institutional investors, commonly referred to as “whales”, have intensified their purchases even as the price of ETH experienced a temporary correction to $2,380.

This accumulation is accompanied by a record number of new wallets being created, reaching 6,428 wallets in one day – an unprecedented level since early September.

The analysis of on-chain movements reveals that these major investors favor a long-term accumulation strategy rather than speculative transactions. This trend is particularly significant, as historically, such a concentration of purchases by whales often precedes major bullish movements.

The confidence of institutional investors seems to be driven in part by recent technical developments in the Ethereum ecosystem, including improvements in scalability solutions and the ongoing growth of DeFi.

Favorable technical signals despite volatility

The crypto market is currently undergoing a phase of high volatility, marked by a resurgence of interest in memecoins and a general sentiment of FUD (Fear, Uncertainty, Doubt). Paradoxically, this period of uncertainty coincides with a strategic accumulation by major investors.

Trading data shows that Ethereum is maintaining its position above the psychological support level of $2,600, displaying a 1.9% increase over 24 hours. This resilience, combined with the influx of new wallets, suggests growing confidence in the fundamentals of crypto.

The Ethereum ecosystem is also benefiting from the growth of other blockchain projects like Solana ($181), Jito, and Jupiter, which contribute to strengthening the overall adoption of decentralized technologies.

In summary, the massive accumulation of Ethereum by whales, combined with the record creation of new wallets, constitutes a potentially bullish signal for the weeks to come. Although the market remains volatile, the confidence displayed by major investors and the resilience of the price suggest that ETH may enter a new phase of appreciation.