Ethereum (ETH) is approaching the key psychological level of $4,000, driven by significant on-chain accumulation from large investors, commonly known as whales. This surge in buying activity coincides with a notable capital rotation out of tokenized precious metals like gold and silver.
Data from Lookonchain reveals a specific whale swapped 326 tokenized gold (XAUT), worth $1.53 million, and 10,978 tokenized iShares Silver Trust tokens (SLVon), valued at $936,000, for 724 ETH worth $2.40 million. This move occurred as gold and silver prices hit new peaks, suggesting profit-taking and a strategic shift into crypto assets. However, the rotation is not yet universal, as other whales continue to accumulate silver tokens, indicating a mixed institutional sentiment.
Ethereum accumulation has intensified on multiple fronts. Ethereum ETFs have seen over $520 million in capital inflows since December 29, 2025, accumulating a total of 158,545 ETH. Weekly data shows consistent positive inflows, with 13.9K, 8.46K, and 136.2K ETH purchased over the past three weeks, respectively. Additional on-chain activity includes a new wallet buying 6,000 ETH (over $19 million) from Binance and depositing it into the Aave Protocol.
Technically, Ethereum is trading above its crucial yearly open price of $2,972, a level that has acted as a strong support and demand zone for institutional and whale buying. Analysts suggest that maintaining this level is key for bullish momentum, with a potential rally toward $4,000+ if capital rotation from traditional hedges continues. The news also highlights the promotional activities of CLS Mining, a platform marketing itself as a compliant, high-yield cloud mining solution for Ethereum, though the article includes disclaimers that this is third-party content and not an endorsement.
