Finance

Ethereum Whales Bet Big: Will Their $3,000 ETH Accumulation Spark a Bull Run?

Ethereum whales accumulated 7.6M ETH since April, potentially signaling a trend reversal despite market volatility.

byAndres Castro

November 11, 2025, 9:11 AM

Two gold Ethereum cryptocurrency coins sitting on a laptop keyboard with trading data visible on the screen.

A close-up view of physical Ethereum coins resting on a modern laptop. By MDL.

Executive Summary

Ethereum whales have significantly increased their holdings since April, accumulating 7.6 million ETH and signaling renewed confidence.

Ethereum’s spot trading volume has shown repeated spikes, which analysts suggest indicate a “late-stage compression phase” preceding significant price upswings.

The broader cryptocurrency market experienced substantial institutional outflows last week, totaling $1.17 billion from investment products, with Bitcoin and Ethereum funds leading the withdrawals.

The Story So Far

Ethereum whales are significantly increasing their holdings, signaling renewed confidence, which is bolstered by improving macroeconomic sentiment, including optimism about a potential US government shutdown resolution, and technical indicators suggesting the asset is in a late-stage compression phase typically preceding a price upswing.

Why This Matters

The significant accumulation of 7.6 million ETH by large “whale” investors since April signals renewed confidence and potentially foreshadows a major price upswing for Ethereum, even amidst broader market volatility and ongoing institutional outflows. This divergence, where large holders increase their exposure while smaller investors reduce theirs, suggests that smart money may be positioning for a rally, which could dictate Ethereum’s near-term price trajectory and influence overall crypto market sentiment.

Who Thinks What?

Wallets holding between 10,000 and 100,000 ETH, termed “whales,” have significantly increased their holdings by 52% since late April, signaling renewed confidence and potentially foreshadowing a trend reversal.

CryptoQuant analyst ShayanMarkets suggests that repeated surges in Ethereum’s spot trading volume indicate a “late-stage compression phase” that typically precedes significant price upswings.

Institutional investors have shown a cautious stance, with significant outflows of $1.17 billion from institutional crypto investment products last week, including $438 million from Ethereum funds.

Ethereum whales have significantly increased their holdings since April, accumulating 7.6 million ETH, signaling renewed confidence and potentially foreshadowing a trend reversal, according to analysts. This accumulation occurs as Ethereum prices consolidate near the $3,000 level, amidst broader market volatility and mixed signals from institutional investors.

Whale Accumulation Signals Confidence

Data from CryptoQuant indicates that wallets holding between 10,000 and 100,000 ETH, often termed “whales,” have seen their total balances rise by 52% since late April. This equates to an addition of 7.6 million ETH to their holdings.

In contrast, smaller wallets with 100 to 1,000 ETH have reduced their balances by 16%. This divergence suggests a cautious stance among retail investors while larger players quietly increase their exposure.

Spot Trading Volume Spikes Hint at Upswing

CryptoQuant analyst ShayanMarkets pointed to repeated surges in Ethereum’s spot trading volume since early November. ShayanMarkets suggests this behavior is characteristic of “late-stage compression phases” that typically precede significant price upswings for the asset.

The renewed interest from large holders coincides with an improving macroeconomic sentiment, including growing optimism about a potential resolution to a US government shutdown. This shift has reportedly bolstered risk appetite across various digital assets, lifting investor confidence.

Broader Market Dynamics and Outflows

A report by QCP Capital highlighted that optimism over a potential US government shutdown resolution also contributed to a broader relief rally across global markets, including Bitcoin. Bitcoin recently rebounded to $106,000 after experiencing several dips below $100,000.

This rebound occurred despite ongoing spot ETF outflows and selling pressure from long-term holders. QCP Capital noted that deeper market liquidity has allowed these supply shocks to be absorbed without breaking structural momentum.

However, the market also saw a significant outflow of $1.17 billion from institutional crypto investment products last week, marking the second consecutive week of substantial withdrawals. The US market accounted for the majority of these outflows, totaling $1.22 billion.

Bitcoin funds led the losses with $932 million in outflows, followed by Ethereum funds, which saw $438 million in withdrawals. Short Bitcoin ETPs, however, logged $11.8 million in inflows, their strongest week since May 2025.

Outlook

While large Ethereum holders appear to be positioning for an upturn, the wider cryptocurrency market continues to navigate complex dynamics, including significant institutional outflows. The interplay of whale accumulation, technical indicators, and evolving macroeconomic conditions will likely dictate Ethereum’s near-term price trajectory.