Ethereum Sees Significant Accumulation by Whales Amid Market Volatility
In the midst of a market downturn, Ethereum (ETH) has garnered significant attention from high-net-worth investors, known as whales, who have been actively buying the cryptocurrency. Here’s a closer look at the latest developments and their potential implications for ETH’s future.
Whales Buy 15,563 ETH Amid Price Crash
Despite the bearish market sentiment, crypto whales are showing strong interest in Ethereum (ETH). Data from the blockchain-based transaction tracker Lookonchain reveals that ETH whales are actively buying ETH. Specifically, one whale who previously bought 3,195 ETH for $5.97 million purchased another 4,100 ETH for $7.32 million on April 4, 2025. Since March 26, this whale has accumulated a total of 33,441 ETH worth $65.5 million at an average price of $1,959.
Ethereum News: Pectra Mainnet Launch Scheduled for May 7, 2025
The long-awaited Ethereum Pectra upgrade is scheduled to launch on the mainnet on May 7, 2025. The decision comes after extensive testing and preparation, with the upgrade finalized during a recent developer call. This marks the blockchain’s latest milestone since the introduction of the Dencun upgrade in March 2024. According to reports, Ethereum developers picked Thursday, May 7, as the release date for the Pectra upgrade, a few days after a successful test on the Hoodi testnet. Typically, Ethereum’s test networks deploy major upgrades such as Pectra first before it is implemented on the mainnet to avoid potential issues.
Fidelity Submits Tokenized Market FYHXX to SEC, Sells US Treasury Bills on Ethereum Chain
Fidelity Investments, an American asset management company, has applied to register its tokenized U.S. dollar money market blockchain with the SEC. The company created a tokenized version of its Fidelity Treasury Digital Fund (FYHXX), which contains cash and treasury securities. The SEC filing revealed Fidelity’s plan to use the Ethereum network for an on-chain share class of FYHXX, although it intends to develop an independent blockchain. FYHXX will not invest in cryptocurrencies but in cash and U.S. securities, currently holding 80% in securities.
Ethereum Whales Accumulate 130,000 ETH in a Single Day
In a significant shift of market behavior, Ethereum whales have accumulated ETH worth just over $234.8 million in a single day as the cryptocurrency approaches a critical support level. This substantial purchase marks a dramatic reversal from recent selling trends, according to crypto analytics platform IntoTheBlock. The accumulation represents a stark turnaround after months of selling pressure, with whales having sold approximately 760,000 Ethereum over the past two weeks. However, the largest wallets are now buying the dip, adding over 130k ETH to their wallets.
