Recent on-chain data shows that major investors have been quietly building strong positions in Ethereum.
Over the past two weeks, a large whale reportedly linked to ShapeShift Founder Erik Voorhees used approximately $260 million worth of USDT to accumulate more than 120,000 ETH.
This buying pattern indicates a steady accumulation strategy rather than a one-off trade. For example, in the last transaction, the whale spent $4.29 million to buy ETH at $2,134.
Overall, the average bid price is around $2,162 and this level is currently acting as an important support level for the market.
Such moves send a strong signal of confidence that Ethereum may be nearing the bottom in anticipation of potential upside in the coming months.
Remarkably, this accumulation is occurring even during the existence of ETH. small business It dropped by over 3% in the last 24 hours to $2,071.67. This indicates a clear divergence between short-term price action and long-term investor sentiment.
Retail and whale behavior
To understand this better, let’s analyze CryptoQuant’s Spot Retail Activity.
Historically, small investors tended to buy when prices were already high due to the influence of FOMO. This has happened in past cycles such as 2018, 2021 and even 2024.
Retail activity is relatively low at the moment, which is actually a good sign. This means the market is in a quieter phase where big investors have accumulated while the public is still on the sidelines.
Interestingly, while this whale aggressively buys Ethereum (ETH)ETFs see outflows of money, which may seem negative at first.
But a closer look shows that big whales are steadily increasing their holdings, while mid-sized investors are selling or redistributing.
Retail investors, meanwhile, remain inconsistent, mostly buying at higher levels and selling during dips.
Overall, this shows that Ethereum is slowly moving from weaker hands to stronger, long-term holders, which is usually a bullish sign for the market.
Voorhees’ past whale movement and crazy plot
For those who don’t know, this whale activity started on March 16th and condensed On March 20, when the Voorhees-associated whale made another big move.
But the story took a sharp turn when Voorhees publicly denied any involvement and said:
I did not purchase any eth and these tracking sites are a scam.
Now, he throws darts at these two opposing possibilities. In the first case, it could be a different investor with similar wallet activities or misidentification by tracking platforms.
However, another possibility is the hidden accumulation of large investors who quietly buy in order not to move the market.
Whatever the odds, such whale movements affect investors’ perceptions and feelings about the token’s future.
Final Summary
- Price weakness is being used by the big players as an opportunity, not a warning sign.
- ETF outflows may be bearish, but on-chain data shows whales are steadily increasing their holdings.
