The strong accumulation move from large wallets shows that Ethereum's long-term growth confidence is being reinforced, despite the current market volatility.
According to on-chain data, Ethereum whales have purchased a total of 394,682 ETH , worth $1.37 billion, in just the last three days.
A detailed analysis shows that the largest buyer was an address that borrowed 66,000 ETH from AAVE. This wallet has now repurchased 257,543 ETH at a price of around $3,480, or $896 million .
Additionally, Bitmine, the 7 Siblings group, OTC traders, and several new wallets also increased their ETH holdings during the recent market correction.
Analysts are optimistic about ETH 's long-term future
Whale buying is often a sign that the market is about to enter a period of great volatility. Many experts believe that Ethereum could soon rebound strongly and hit new highs, with a target of up to $10,000 .
At the time of writing, Ethereum is trading around $3,421 , up 3.72% in 24 hours. Technical indicators show that an uptrend is forming following a series of Short liquidations and increased institutional demand.
Indian exchange CoinDCX predicts ETH could head towards $4,800 and soon touch $5,000 .
“Thanks to improved network scalability and growing institutional demand, the price forecast model suggests ETH could increase by another 25–30% by the end of 2025,” the exchange’s analytics team wrote.
Lacie Zhang, analyst at Bitget Wallet, commented that the crypto market is entering a “calm but cautious” phase.
“If the macro data is favorable, Ethereum could move towards $4,200 ,” Zhang said, noting that many factors could impact the short-term trend.
Institutional money flowing into ETH continues to create bullish momentum
The market is turning its attention to the Fusaka upgrade scheduled for December , which is expected to give a major boost to the Ethereum ecosystem.
on-chain data shows Bitmine purchased an additional 40,719 ETH , worth nearly $140 million .
Analyst Ted Pillows notes that Bitmine is currently buying ETH at a steady $200–300 million per week , putting pressure on the market to shrink supply.
“If a few more whales like Bitmine appear, the market sentiment could change overnight,” he said.
The current accumulation phase is “positive,” according to Zhang.
“It helps clean up excessive leverage and speculation, creating a foundation for long-term growth and a return of institutional money.”
