Whales are accumulating

On-chain data reveals a significant $ETH Ethereum whale transaction, involving the OTC purchase of 30,000 ETH ($54 million) through Wintermute.

The deal was executed via two USDC transfers totaling over $110 million, routed to Wintermute’s OTC wallet. Shortly after, the whale wallet received the full crypto assets.

While the broader market remains cautious, this move underscores growing conviction among high-net-worth investors. Such quiet accumulation, though not always headline-worthy, often precedes major price action.

What insight might this whale have that the rest of the market lacks?

Whale holdings remain steady

Supporting this narrative, broader Ethereum whale activity has remained relatively stable over the past week.

Data from Santiment shows that the number of wallets holding between 1,000 and 100,000 ETH has largely held its ground, even as ETH prices climbed from the $1.5K range to around $1.7K.

Meanwhile, whale transaction counts have risen sharply since April 21st, coinciding with ETH’s breakout.

This steady base of whale holders, combined with a recent uptick in large transactions, hints at growing institutional confidence rather than speculation.