ETHEREUM WHALES ARE MAKING A VERY LOUD BET

This chart tells a pretty clear story if you slow down and look at who is actually buying. Smaller whale cohorts have been trimming their Ethereum exposure, which is what usually grabs attention on the timeline. But the more important move is happening with the largest holders.

Wallets holding more than 10,000 $ETH have been steadily increasing their positions. These types of whales don’t usually accumulate during rallies or moments of excitement. Historically, they step in when Ethereum is undervalued and before the broader market turns optimistic.

What stands out this time is the scale. Since July, their accumulation has accelerated to levels we haven’t seen before. That suggests they’re not trading short-term price action, but positioning for something bigger.

Price hasn’t fully reflected this yet, which is usually how it works. The biggest buyers move first, and the chart reacts later. That doesn’t guarantee an immediate rally, but it does tell you where conviction is quietly building.