ETH is Riding the Wave of Major Players' Buying: 934,000 Tokens in 3 Weeks

The Ethereum market has just witnessed an interesting move from the largest accounts. Blockchain data shows that over the past three weeks, large addresses have accumulated more than 934,000 ETH, equivalent to approximately $3.15 billion. This is notable because it occurred right as retail investors were net selling 1,041 ETH last week. This contrast is not coincidental—it reflects a common market reality: when smart money enters, “hot” money often exits. Analysis from Santiment reveals that this activity is not just random trading but a clear trend of key players in the crypto ecosystem building long-term positions.

What Opportunities Are Crypto Giants Focusing On?

When talking about “whales” and “sharks” in the crypto world, we refer to entities holding significant amounts. Whales hold between 1,000 and 10,000 ETH, while sharks control from 100 to 1,000 ETH. Their accumulation of nearly a million tokens is a calculated move, not impulsive.

According to the latest on-chain data, ETH concentration among the largest addresses is at a high level:

• Top 10 addresses: Hold 71.80% of total supply
• Top 20 addresses: Control 74.21%
• Top 50 addresses: Own 78.25%
• Top 100 addresses: Account for 81.96% of total ETH

These figures indicate that accumulation by “insiders” is not an isolated event but part of a broader trend of asset concentration. The fact that these players continue to accumulate amid volatile price action suggests they see something the market has not fully priced in.

Why Is Ethereum Becoming a “Hot Asset” Right Now?

There are several reasons behind this strong accumulation phase. First, the potential approval of a spot Ethereum ETF in the US is a tangible catalyst. Major institutional investors may be positioning themselves ahead of the massive inflows expected if this product gets approved.

Second, Ethereum’s infrastructure remains robust. Despite price volatility, network activity—including DeFi and NFT transactions—indicates the technology is being actively used. Big players are investing in real utility, not just speculation.

Third, some investors view top cryptocurrencies as a macro hedge. Amid global economic uncertainties, digital assets are seen as alternative investments to protect against traditional risks.

Finally, the timing around key technical support levels suggests this is a strategic move. Experienced traders know these psychological levels are likely zones for significant accumulation. Whales are precisely targeting these levels.

What Should Average Investors Do When Seeing These Signals?

Seeing billion-dollar transactions from “big players” while you’re worried can trigger mainly fear or FOMO (fear of missing out). However, blindly copying whale trades is a quick way to lose money.

First, recognize that whale activity is a market signal, not a guarantee. It offers insight into the psychology of well-informed players but does not ensure immediate results. Prices can still fluctuate unexpectedly due to macro factors or sudden news.

A more practical approach is to use this data as part of a broader strategy:

Do your own research: Never base decisions solely on what whales do. Understand your risk tolerance, financial goals, and how long you can hold a position.

Consider dollar-cost averaging (DCA): Instead of trying to predict the exact bottom, a periodic buying strategy allows you to build a position over time, reducing volatility risk.

Monitor deeper metrics: Use analysis tools like Santiment or Glassnode to better understand how large addresses are moving funds and where transactions are happening on exchanges.

Evaluate fundamentals: Just because whales are buying doesn’t mean you should if you don’t believe in certain assumptions. Review Ethereum’s roadmap, upgrade expectations, and the value locked in DeFi.

The Big Picture: Asset Transfer from Who to Whom?

The current accumulation trend exemplifies a market aspect: assets moving from impatient hands to long-term strategists. When short-term traders sell out of fear or disappointment, large, long-term investors pause to buy.

This is not manipulation or conspiracy. It’s how markets operate: those with the best information, resources, and long-term vision profit. On-chain data simply maps this transaction roadmap.

Risks to Be Aware Of

Despite all these positive signals, it’s crucial to consider risks. The market could turn back, especially if macro events (such as global economic downturns) occur. Even whale activity doesn’t always lead to positive outcomes. Never invest more than you can afford to lose.

Also, beware of “herd mentality.” Just because everyone is talking about whale accumulation doesn’t mean you should FOMO in. Your investment decisions should be based on your own analysis, not market hype.

Conclusion: Ethereum Is at a Critical Moment

On-chain data paints a clear picture: the biggest players in the crypto market are accumulating Ethereum with purpose. With nearly 934,000 ETH gathered in three weeks, it shows deep confidence in the network’s future.

For external investors, this is a time to review your strategy. Equip yourself with blockchain analysis knowledge, understand your risk capacity, and make decisions based on data rather than emotions. Markets often reward those who see the signals beneath the surface and act with discipline.

Ethereum isn’t always an easy asset—it’s volatile, sometimes complex, and always full of surprises. But when the data speaks, it can convey a very clear message about where the smart money is flowing.