Ethereum whales—investors holding over 100,000 ETH—have moved back into a collective profit zone for the first time since early February 2026, according to data from on-chain analytics platform CryptoQuant. This shift coincides with ETH's price climbing above $2,150, defying broader market weakness.
Analysts are debating whether this profitability will trigger a sell-off or signal the start of a sustained rally. Market observer CW noted that areas where large whales previously incurred losses often mark market bottoms, and their return to profit could indicate the beginning of a bullish reversal. Meanwhile, analyst CryptoTice highlighted a historical pattern: each time these mega-whales flip profitable, ETH has subsequently rallied 25% in three months, 50% in six months, and 300% within a year. If this pattern holds, ETH could reach approximately $2,687 in three months and around $8,600 within a year.
Concurrently, Santiment data reveals intensified accumulation by large investors. Over the past two days, addresses holding between 100 and 100,000 ETH have added 756,950 ETH to their balances. This whale activity contrasts with "shrimps" (addresses holding under 0.01 ETH), who have reduced their holdings by over 0.9% since mid-December.
The bullish sentiment is further bolstered by institutional commentary and action. Tom Lee, CEO of Bitmine Immersion, stated his firm's base case is that Ethereum is in the final stages of a "mini crypto winter." Bitmine has significantly ramped up its ETH purchases, buying 65,341 ETH last week compared to a prior weekly average of 45,000–50,000 ETH. As of March 23, Bitmine holds about 4.661 million ETH, representing over 3.86% of the circulating supply and solidifying its position as the world's largest Ethereum treasury firm.
CW also identified a near-term potential sell wall for profit-taking at the $2,350 level, roughly 9.3% above current prices, but noted that whale buying momentum remains strong, matching the scale of accumulation seen among Bitcoin whales.
