Key takeaways
What is driving the latest whale accumulation on Ethereum?
Blockchain data shows that Bitmine received 33,948 ETH, expanding its holdings to over 3.1 million ETH.
What does this indicate for the Ethereum market trend?
Large whale orders now dominate spot activity near $4,000, according to the data, suggesting institutions are re-entering the ETH market.
Ethereum whales are quietly charging again. On-chain data shows that two newly created wallets, likely linked to institutional investor Bitmine, received 33,948 ETH, worth around $135 million, from liquidity provider FalconX today, according to look chain.
The accumulation comes as Ethereum trades near $3,976, consolidating below the psychological mark of $4,000.
Despite the muted price action, the data suggests renewed institutional interest in ETH after several weeks of sideways movement.
Bitmine Leads Institutional Ethereum Accumulation
Blockchain intelligence platform Arkham reveals that Bitmine’s total Ethereum holdings now exceed 3.126 million ETH, valued at approximately $12.47 billion.
At the current figure, Bitmine now holds around 2.6% of the circulating supply.
The company’s ETH portfolio fell slightly in dollar terms due to recent market volatility. Still, the number of tokens held has continued to increase.
This pattern aligns with Bitmine’s long-term accumulation strategy, which focuses on building ETH reserves for staking and treasury diversification.
As one of the largest non-exchange Ethereum holders, its moves often reflect broader institutional sentiment.
Whale orders dominate market flows
CryptoQuant on-chain data supports the shift towards larger buyers.
The average spot order size chart shows an increasing presence of “large whale orders,” suggesting that institutional desks and high net worth investors are re-entering the market.
The analysis showed that large whale orders represented approximately 0.03% of the total spot trading volume at an average price of $3,986. This indicates that deep-pocketed buyers remain active near the $4,000 level.
The consistent green clusters in the data indicate sustained accumulation, rather than short-term speculative inflows.
Source: CryptoQuant
This activity typically indicates a transition from retail-driven speculation to strategic accumulation. During similar accumulation phases in 2020 and mid-2023, Ethereum price consolidated before major rallies followed.
The market continues to consolidate
TradingView’s Ethereum 12-hour chart shows a tight trading range between $3,950 and $4,050, with the Relative Strength Index (RSI) around 46, indicating neutral momentum.
Source: TradingView
The lack of major sell-offs in the futures markets suggests that whales are positioning through spot accumulation rather than leveraged exposure.
If this trend continues, Ethereum could face less selling pressure from exchanges as large wallets absorb the available supply.
That dynamic, along with growing ETF optimism, may set the stage for a stronger rebound in the fourth quarter once macroeconomic conditions stabilize.
The bigger picture
The FalconX-linked transfers underscore the current shift in institutional liquidity toward self-custodied or managed treasury structures.
Even as the broader crypto market takes a pause, Ethereum’s appeal as a profitable, infrastructure layer asset remains strong among deep-pocketed investors.
The whales appear to be quietly preparing for the next stage of the market cycle: accumulating while prices remain stable and retail sentiment remains muted.
