Ethereum whales make a massive purchase of nearly 400,000 ETH in three days; BitMine and 7 Siblings remain steadfast in their bets

Over the past three days, multiple Ethereum whales have significantly increased their holdings, accumulating approximately 394,682 ETH with a total value exceeding $1.37 billion. On-chain data analysis suggests that this strategic accumulation could signal a strong bullish momentum for Ethereum’s long-term potential. Despite current market volatility, analysts remain optimistic about ETH’s future prospects, especially with institutional interest and macroeconomic factors supporting its upward trajectory toward new highs.

Overview of Ethereum Whale Buying Activity

In the last 72 hours, several Ethereum whales have demonstrated strong confidence by purchasing large amounts of ETH. According to the latest on-chain data, a total of 394,682 ETH was bought, valued at over $1.37 billion. This large-scale buying indicates active accumulation by whales, drawing increased attention to the ETH market.

(Source: Lookonchain)

Largest Buyer: Rebuy after Borrowing 66,000 ETH from Aave

Notably, the largest purchase involved an address that previously borrowed 66,000 ETH from the Aave platform. This whale has now repurchased 257,543 ETH, worth roughly $896 million, at an average price close to $3,480 per ETH. This move suggests that the whale foresees long-term growth for Ethereum and is seizing the current market correction to accumulate more.

Additionally, entities like BitMine, 7 Siblings, OTC traders, and some newly created wallets have also increased their ETH holdings during this recent market dip. This concentrated buying activity lays a foundation for potential future price increases.

Analysts’ Outlook on Ethereum’s Long-Term Potential

Whale Accumulation: A Signal of Market Turning Points

Analysts generally view sustained whale accumulation as a precursor to major market shifts. Historically, when whales hoard ETH in large quantities, it often signals an impending bullish rally. As a result, market attention on ETH has intensified, boosting investor confidence in Ethereum’s prospects.

Currently, ETH is trading at around $3,421, up 3.72% in the past 24 hours. Technical indicators, including recent short-term liquidations and institutional interest signals, suggest Ethereum is entering an upward trend.

Short-Term Price Target: $4,800

According to analysis from Indian crypto exchange CoinDCX, ETH’s short-term target could reach $4,800, with a quick breakout past $5,000 expected. This forecast is supported by network scalability improvements and increasing institutional adoption. CoinDCX’s analysts noted that, based on current network development and market conditions, ETH could see a 25%-30% rise by the end of 2025.

Institutional Catalysts Impacting ETH Price

Fusaka Upgrade Draws Institutional Attention

With the upcoming Fusaka upgrade in December, ETH has attracted increased institutional interest. On-chain data shows that entities like BitMine recently added 40,719 ETH, worth nearly $142 million. Continuous purchases by institutions like BitMine indicate growing institutional appeal for Ethereum.

Analyst Ted Pillows also pointed out that BitMine’s weekly ETH purchases range between $200 million and $300 million, which could accelerate supply tightening and further boost the market. “If a few more whales like BitMine step in, market sentiment could shift dramatically overnight,” he said.

Potential Market Impact

Crypto analysts note that the market is currently in a “cautious calm.” They believe that if macroeconomic data remains favorable, ETH could approach $4,200. Zhang also mentioned that multiple factors, including upcoming institutional investments and market sentiment, will influence Ethereum’s short-term movement.

Market Sentiment: Correction Phase Sets Stage for Long-Term Growth

Most analysts agree that the current consolidation phase is “constructive” for Ethereum’s future growth. This correction helps clear excessive leverage and speculative positions, creating a solid base for long-term expansion and renewed institutional interest.

As Ethereum’s ecosystem matures and institutional focus persists, ETH’s market position continues to strengthen. The correction not only stabilizes prices but also fosters a conducive environment for sustained development.

Conclusion

The recent strategic buying by several Ethereum whales demonstrates strong confidence in ETH’s future. Despite market fluctuations, analysts remain bullish on Ethereum’s long-term potential. With ongoing network upgrades and increasing institutional participation, ETH could soon enter a new bullish cycle.

As more whales enter the market and sentiment improves, Ethereum is poised to play an increasingly significant role in upcoming market cycles. For long-term investors, ETH remains a compelling asset, and in the coming months, it may challenge new all-time highs.