What happened?
Over the past three days, multiple Ethereum whales bought a combined 394,682 ETH, roughly $1.37 billion. The biggest buyer repaid a 66,000 ETH Aave loan and then repurchased about 257,543 ETH at around $3,480 each. Other buyers named in on-chain data include Bitmine, a group called 7 Siblings, OTC traders, and several new wallets that all increased their positions during the market dip.
Who does this affect?
This matters for anyone holding or trading ETH because big whale accumulation can shift short-term supply and price dynamics. Institutional investors, OTC desks, and DeFi platforms like Aave are directly involved or impacted by these flows and changing leverage. Retail traders and exchanges could see increased volatility as these large positions influence market liquidity and sentiment.
Why does this matter?
Heavy whale buying can tighten available supply and spark bullish momentum, especially with institutional interest and anticipation around the Fusaka upgrade. Analysts are already flagging upside targets and suggesting institutional buys could push prices significantly higher, which can attract more capital. That said, concentrated buying can also increase price swings, so the market may see sharper moves as sentiment reacts to further on-chain signals and macro data.