Galaxy Digital recently executed a large OTC transaction, transferring 108,278 ETH (worth approximately $283 million) to wallet 0x0b26, causing a stir in public opinion as the market remains indecisive.
Just 12 hours prior, the company withdrew 89,000 ETH (equivalent to $233.5 million) from exchanges, raising the total amount of ETH in the receiving wallet to 139,476 ETH, worth approximately $365 million. This behavior indicates a clear and intentional accumulation strategy, rather than the usual short-term speculation.
OTC trading is often used by institutions to avoid impacting prices on the public order book – a sign that this may be a more strategic long-term position rather than a speculative move.
In the context of ETH supply on exchanges hitting historical lows and prices maintaining relative stability, the quiet accumulation by whales could indicate growing confidence from institutions in Ethereum's medium- and long-term growth potential – despite short-term market volatility.
Are whales tightening control over ETH?
The latest on-chain data shows a subtle yet significant shift in ETH holding structures. Over the past 30 days, the amount of coins controlled by whale wallets has increased by 2.34%, while wallets belonging to investor groups have seen an impressive increase of 4.12%. In contrast, the holdings of retail investors have decreased by 1.37% – a signal indicating that short-term traders are stepping back.
This clear divergence reflects the silent accumulation process of long-term vision entities, while the selling pressure mainly comes from the retail group exiting.
Market history has proven that such quiet accumulation phases often serve as a prelude to strong breakouts. When the price begins to accelerate again, retail investors – those who had previously withdrawn – often become the group buying in at higher prices, contributing to subsequent price increases.
Source: IntoTheBlock
Ethereum's on-chain activity is recording a booming 'big money wave': transactions worth $1–10 million surged by 143.47%, while transactions over $10 million jumped by 285.71%. These figures reveal an increasing level of confidence among investors with 'deep pockets'. Conversely, small transfers under $1 have sharply declined, reflecting a noticeable cooling off of the retail group.
Market history has shown many times that large breakout surges in trading volume often pave the way for widespread price movements – when whales quietly accumulate or distribute large amounts of ETH, reshaping the entire price trajectory.
The underlying conditions are converging to prepare for a significant breakout.
ETH reserves on exchanges have just decreased by 0.34%, pulling the total balance down to about 18.7 million – continuing to reinforce the long-term retraction trend. This is a sign that more and more investors are withdrawing assets to cold wallets or personal custody, reducing the amount of ETH available for sale in the market – a factor often seen as a structural accumulation signal.
The withdrawal of assets from exchanges often signifies long-term confidence and a solid holding strategy, especially when the market is in an accumulation or consolidation phase. This behavior reinforces the argument that large holders are quietly increasing their positions, despite the hesitation of short-term traders.
Meanwhile, the liquidation chart on Binance shows that short positions are densely concentrated in the price range from $2,700 to $2,830 – creating a 'danger zone' prone to a short squeeze. If Ethereum breaks through this resistance level, the wave of mandatory short position closures could drive a strong and rapid increase. The accumulation of liquidity in this area is turning it into a critical battlefield between bulls and bears.
Source: CoinGlass
Is the bullish continuation pattern forming?
ETH is gradually completing the classic cup and handle pattern on the daily chart – a strong technical signal that often precedes sustainable price increases. In this structure, the $2,830 region acts as the neckline – a critical boundary that, if broken, could trigger a price increase up to the $3,400 zone.
Notably, the symmetry of the pattern, along with stable volume and continuously rising accumulation indicators, is contributing to the reliability of the pattern. Technically, the cup and handle often represent a healthy consolidation phase before the upward trend is extended, and ETH is currently exhibiting those characteristics.
If buying momentum continues to hold and liquidation clusters around the $2,830 level are broken, the leading altcoin by market cap could enter a distinct acceleration phase in the coming weeks. All evidence – from whales and institutions increasing accumulation to tight technical structure – is gradually leaning towards the bulls.
Source: TradingView
A breakout above $2,830 is not only a technical confirmation but could also ignite a new wave of interest, propelling ETH quickly towards the target zone of $3,400 and beyond in the next cycle.
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