Beneath the surface, something huge is stirring.
As markets move sideways and sentiment wanes, an Ethereum [ETH] whale just made a move worth $110 million — quietly buying ETH and Bitcoin [BTC] in a pair of OTC trades with Wintermute.
Experienced traders recognize this play: the smart money is probably accumulating.
Whales are accumulating
On-chain data revealed a significant Ethereum whale transaction involving an over-the-counter purchase of 30,000 ETH ($54 million) via Wintermute.
The transaction was completed via two USDC transfers totaling more than $110 million to Wintermute’s OTC wallet. Shortly after, the “whale” wallet received the entire amount of crypto assets.
The move highlights growing confidence among high-net-worth investors, even as the broader market remains cautious. Such quiet accumulation, while not always noticeable, often foreshadows big price moves.
What insights might this whale have that other market participants lack? Whale holdings remain stable
Supporting this assertion, the overall activity of Ethereum whales 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 remained largely unchanged even as the price of ETH has climbed from $15,000 to around $17,000.
Meanwhile, the number of whale transactions has risen sharply since April 21, coinciding with ETH’s breakout.
The stability of the whale holder group, coupled with the recent increase in large transactions, suggests growing institutional confidence rather than speculation.
Ethereum price outlook
Ethereum’s recent momentum above $1,750 appears to be continuing, with the asset trading near $1,800 at press time.
The RSI on the daily chart remains neutral around 55, suggesting that there is room for further gains in the absence of immediate overbought pressure.
Meanwhile, the MACD continues to exhibit a bullish crossover with the MACD line remaining comfortably above the signal line, indicating strengthening positive momentum.
Amid the steady accumulation of whales, ETH could next target the $1,850 to $1,900 area if broader market conditions remain stable.
A break above the $1,900 mark could open the door to $2,000 in the coming sessions.
