Ethereum Whales Go Shopping: Long-Term Holders Accumulate Amid Market Turbulence

While retail traders panic-sell, Ethereum's deepest pockets are quietly loading up. The smart money sees volatility not as a threat, but as a discount.

The Whale's Playbook

Forget the daily charts. Long-term Ethereum holders—the addresses with skin in the game measured in years, not hours—are executing a classic accumulation strategy. They're buying when others are fearful, adding to positions that were established long before the latest market dip made headlines. It's a move that reeks of cold, calculated confidence, not hype-driven FOMO.

Why Accumulation Now?

This isn't whimsy. These players are betting on fundamentals: Ethereum's entrenched developer ecosystem, its upcoming protocol upgrades, and its role as the backbone for a sprawling universe of decentralized applications. Short-term price noise is just static against that long-term signal. It's the ultimate 'zoom out' mentality—a stark contrast to the leveraged day-traders getting liquidated over lunch.

The Contrarian Signal

When whales accumulate during downturns, history suggests they're often early, but rarely wrong. Their moves create a hidden layer of buy-side pressure, potentially establishing a price floor that retail sentiment hasn't yet recognized. It's a powerful, albeit silent, counter-narrative to the prevailing fear.

So next time you see a red candle, remember: someone with a far larger balance sheet might just see a flashing 'sale' sign. After all, in crypto, the real money is often made by doing the exact opposite of what the talking heads on financial news are screaming about—a delightful bit of schadenfreude for those who remember the last cycle.

Ether supply becomes more concentrated among whales 

According to on-chain data, the second-largest coin has shown signs of recovery from under the $2K level. Also, according to analysts, ETH’s MVRV ratio sits NEAR 0.96, staying above the 0.80 level.

According to Glassnode data shared by Ali Charts, periods where the MVRV ratio dipped under 0.80 during deep drawdowns, followed by later price recoveries. Those were the times when the market value was lower than the actual value recorded on the blockchain.

Current data, on the other hand, show that the ratio is hovering near the neutral band, not in the very low area seen at previous cycle lows.

As a result, on-chain positioning indicates that the market has not reached the same level of valuation stress as during previous bottoming phases. Even though the price has dropped from its previous highs, the MVRV ratio is still higher than it was at earlier troughs on the chart. This means the measure has not yet entered the area previously associated with widespread selling.

Another analyst also hinted at a shift where the whales added, yet balances with the two mid-tier groups decreased.

In August 2025, wallets with balances between 100 to 1,000 ETH had 9.79 million ETH. Those with balances between 1,000 to 10,000 ETH had 14.51 million ETH.

At the same time, the 10,000-100,000 ETH group owned 17.18 million ETH, and those with 100,000+ owned 2.75 million ETH. By Wednesday, the 100-1,000 ETH group reduced its total amount owned to 8.32 million ETH. On the other hand, the 1,000-10,000 ETH group reduced its total amount owned to 12.26 million ETH. This drop implies the two groups have reduced their ETH balance by 3.72 million since August 18.

On the other hand, those holding wallets with between 10,000 and 100,000 ETH recorded an increase in the balances to 19.77 million ETH. In addition, the number of those with balances of 100,000+ ETH ROSE to 3.68 million ETH. This top group added 3.52 million ETH.

In the past, the level of OG crypto whales’ holding has been higher at times of low price action, with valuation metrics leveling off above capitulation levels.

Ethereum up 6% but volatility remains high

Ethereum has been one of the worst-performing assets in the present market crash. The coin has recovered now, changing hands for over $2K at press time. ethereum may consolidate in a range between $1,900 and $2,200 as the market stabilizes. Analysts set a $2,300-$2,400 as a new price target.

Still, resistance levels are high above $2,200, and ETH will need to show increasing volumes into any trend that attempts to rise. Of course, should selling pressure resume, ETH may fall to $1,800 or $1,750, which is now established as a key support level.

A breakdown below $1,750 WOULD likely encourage further panic selling and open up doors to potentially larger declines. Meanwhile, the coin is up 6% in the last 24 hours, now trading at $2,037.

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