Are Ethereum Whales Betting On a Major Rally For ETH Price?

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 had increased their holdings by more than 218,000 ETH. At current market prices, the purchases are worth over $870 million.

Whales Add $870 Million in ETH

According to the firm, the timing of these purchases is notable considering this cohort had unloaded around 1.36 million ETH between October 5 and 16.

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Notably, this period coincided with one of the most volatile stretches in the crypto industry as more than $20 billion in leveraged positions were wiped from the market.

The downturn followed President Donald Trump’s announcement of a 100% tariff on Chinese goods. The move rattled global risk assets and triggered a brief flight from digital currencies.

However, their recent spate of purchases suggests that confidence is gradually returning among Ethereum’s largest stakeholders. They have now reclaimed nearly one-sixth of what they previously sold.

Considering this renewed wave of faith, ETH’s price has largely stabilized this week. It climbed about 2%, peaking near $4,100 before settling around $3,912 at press time.

Industry experts now interpret this stability as an early signal that whales are accumulating strategically rather than speculating on short-term swings.

That shift in behavior has also fueled optimism among traders.

On Polymarket, several bettors predict that ETH could surpass $5,000 before the year ends, with some calling for a potential run toward $10,000.

They argue that the network’s expanding role in stablecoins, real-world asset tokenization, and institutional settlement systems could sustain this rally.

If that thesis holds, Ethereum’s recent whale accumulation may not be driven by trading momentum. Instead, it could mark early preparation for the next structural upswing in digital asset demand.