Ethereum Whales Gobble Up 7.6M ETH – Is a Mega Rally Brewing? Analysts Spot Reversal Signals
Crypto's deep-pocketed players just made their biggest ETH accumulation play in months—and it could flip the market script.
The whale watch is on: Ethereum's mega-holders snatched up 7.6 million coins while retail traders were distracted by meme coin mania. Chain analysts call it the most aggressive accumulation since the last bull run.
Why it matters: When whales move this much weight, price tsunamis usually follow. The last time wallets this size stocked up, ETH ripped 300% in six months—though naturally, past performance guarantees nothing except hedge fund manager bonuses.
Between the lines: This isn't dumb money chasing hype. These buys hit during a liquidity crunch, suggesting institutions are positioning for the next cycle while Wall Street still thinks crypto is 'just for buying drugs.'
Ethereum’s Repeated Spot Volume Spikes Signal Possible Major Upswing: Analyst
CryptoQuant analyst ShayanMarkets noted that surges in spot trading volume have occurred several times since Ethereum’s early-November dip, a behavior typically seen in “late-stage compression phases before major upswings.”
The shift comes amid improving macroeconomic sentiment, with Optimism growing that the US government shutdown could soon end, a development that has lifted risk appetite across digital assets.
Analysts believe whale accumulation at current levels could mark the early stages of an Ethereum recovery if broader market conditions continue to stabilize.
New Whales Are Feeling the Heat
Since Oct 28, Bitcoin has traded below the average cost basis of new whales (~$110.8K), triggering significant realized losses:
Nov 4: -$286.4M
Nov 5: -$90.7M
Nov 6: -$107.5M
Nov 7: -$515.1M
Nov 8: -$5.1M
The lower Bitcoin prices are building… pic.twitter.com/1pnlY9aBM2
Optimism over a potential US government shutdown resolution boosted risk sentiment across global markets, with bitcoin rebounding to $106,000 after several dips below $100,000, according to a new report by QCP Capital.
The firm noted that despite ongoing spot ETF outflows and selling from long-term holders (“OGs”), crypto joined equities in a broad relief rally.
Risk reversals also showed fading demand for downside protection, signaling reduced fear of another major liquidation.
The report compared the current wave of OG selling to past events like Silk Road and Mt. Gox distributions, noting that deeper market liquidity has allowed these supply shocks to be absorbed without breaking structural momentum.
The firm said Digital Asset Treasuries (DATs) remain a key sentiment driver but have shown limited activity amid tight trading ranges.
While Bitcoin’s strong rejection of the $100K level offers some technical support, QCP expects continued range-bound trading in the medium term.
Any push above $118K could meet renewed selling from OG wallets unless macro tailwinds and ETF inflows strengthen meaningfully.
Institutional Investors Pull $1.17B From Crypto Funds
As reported, institutional outflows from crypto investment products accelerated last week, reaching $1.17 billion, the second consecutive week of heavy withdrawals amid renewed market volatility and macroeconomic uncertainty.
Data shows trading volumes in ETPs remained high at $43 billion, but optimism from midweek progress on resolving the U.S. government shutdown quickly faded, sparking further redemptions by Friday.
The US market drove most of the outflows, totaling $1.22 billion, while Germany and Switzerland saw modest inflows of $41.3 million and $49.7 million, respectively.
Bitcoin funds led the losses with $932 million in outflows, followed by Ethereum at $438 million, though short Bitcoin ETPs logged $11.8 million in inflows, their strongest week since May 2025.
