Finance

Ethereum Whales Scoop Up ETH: Will the Fusaka Upgrade Ignite a Bull Run?

Ethereum whales’ large holdings surge, anticipating the Fusaka upgrade, contrasting retail sell-offs, potentially reversing trends.

byAndres Castro

November 11, 2025, 10:13 AM

Two 3D rendered blue whales surrounding a large Ethereum cryptocurrency coin symbol.

A 3D illustration of two blue whale figures surrounding a purple Ethereum coin. By MDL.

Executive Summary

Ethereum whales have increased their holdings by 52% since April, accumulating 7.6 million ETH, while retail investors have decreased theirs by 16%, signaling potential institutional re-entry and a market bottom.

The ETH/BTC ratio’s stability at multi-month lows and a 25% increase in daily Ethereum transactions since September suggest underlying strength and a potential re-entry of institutional players.

The upcoming Fusaka upgrade, scheduled for December 3, 2025, is expected to boost institutional interest by enhancing scalability, reducing transaction costs, and improving Layer 2 protocols.

The Story So Far

The current significant accumulation of Ethereum by large ‘whale’ investors, while retail investors divest, signals a potential market bottom and trend reversal, a pattern historically associated with shifts in market dynamics. This activity is further bolstered by a stable ETH/BTC ratio and increased transaction growth, suggesting an underlying strength and potential re-entry of institutional players into the market, largely driven by the anticipated Fusaka upgrade in December 2025, which aims to vastly improve Ethereum’s scalability and reduce transaction costs, thereby enhancing its appeal for institutional adoption and decentralized finance (DeFi) applications.

Why This Matters

The significant accumulation of Ethereum by large investors, contrasted with retail divestment, suggests a potential market bottom and a looming trend reversal driven by institutional re-entry. This shift, coupled with Ethereum’s stable ETH/BTC ratio and increased transaction activity, signals a strengthening market position for ETH. Furthermore, the upcoming Fusaka upgrade is expected to significantly enhance scalability and reduce transaction costs, potentially accelerating institutional adoption and positioning Ethereum for substantial future growth and broader real-world applications.

Who Thinks What?

Whale investors, holding between 10,000 and 100,000 ETH, have significantly increased their Ethereum positions since late April, signaling a potential market bottom and future growth.

Retail investors, holding 100 to 1,000 ETH, have decreased their Ethereum holdings over the same period, providing sell-side liquidity that large investors are absorbing.

Analysts like Shawn Young and Lai Yuen believe that the accumulation by whales, stability of the ETH/BTC ratio, increased daily transactions, and the anticipated Fusaka upgrade indicate a re-entry of institutional players, strong underlying momentum, and a positive outlook for Ethereum.

Ethereum whales have significantly increased their holdings since April, signaling a potential institutional re-entry and market trend reversal, according to recent analysis. This accumulation by large investors coincides with a reduction in retail investor positions and precedes the anticipated Fusaka upgrade on December 3, 2025, which aims to enhance the network’s scalability and reduce transaction costs.

Whales Accumulate While Retail Divests

Since late April, whale investors, categorized as those holding between 10,000 and 100,000 ETH, have expanded their Ethereum positions by 52%, adding 7.6 million ETH to their portfolios. Conversely, retail investors, holding 100 to 1,000 ETH, have decreased their holdings by 16% over the same period, as reported by CryptoQuant data.

Analysts suggest this pattern, where large investors absorb sell-side liquidity from smaller holders, often indicates market bottoms. Shawn Young, chief analyst at MEXC Research, noted that this cycle mirrors previous bottoms marked by substantial wallet activity.

The Ethereum spot market experienced higher-than-average trading volumes in early November when ETH prices dipped to $3,000. Such activity is commonly observed before significant trend reversals or consolidation phases, prompting analysts to monitor the market for further signs of a shift.

ETH/BTC Ratio and Transaction Growth Signal Strength

The ETH/BTC ratio has maintained stability at multi-month lows, suggesting Ethereum’s underlying strength even as Bitcoin continues its market dominance. Young believes this stability, coupled with a 25% increase in daily Ethereum transactions since September, could form a robust foundation for ETH’s momentum.

Lai Yuen, an investment analyst at Fisher8 Capital, highlighted that Ethereum’s price action and improved transaction activity could indicate a re-entry of institutional players. Yuen also pointed to growing optimism surrounding Ethereum’s future, partly due to the potential resolution of the U.S. government shutdown.

Fusaka Upgrade Poised to Boost Institutional Interest

The upcoming Fusaka upgrade, scheduled for December 3, is expected to further fuel institutional interest in Ethereum. This upgrade will improve scalability and reduce transaction costs by introducing dedicated data lanes for rollups, benefiting Layer 2 protocols with faster and more affordable transactions.

MEXC’s Young emphasized the upgrade’s critical role in Ethereum’s adoption, particularly within decentralized finance (DeFi). The Fusaka update is designed to enhance Ethereum’s capacity for real-world applications, potentially encouraging more institutions to build on its platform and drive broader adoption.

Additionally, the upgrade will implement Peer Data Availability Sampling, enabling nodes to share smaller data pieces. This innovation aims to reduce bandwidth and hardware requirements, lowering participation barriers and fostering greater decentralization.

Outlook

Should the current accumulation trend persist, analysts anticipate Ethereum entering a consolidation phase, with prices holding in the $3,000 to $3,400 range. With the Fusaka upgrade on the horizon and increasing institutional engagement, the market dynamics suggest a positive outlook for Ethereum’s potential gains in the coming weeks. Ethereum is currently trading at $3,560, reflecting a 1.6% decrease over the last 24 hours.