Ethereum is witnessing a striking surge in whale activity, with two key metrics pointing to strong bullish conviction among large investors. On-chain data reveals that wallets holding more than 100,000 ETH now control 17.41 million ETH—a 9-week high and roughly 22% of the circulating supply. This accumulation, which accelerated during recent market uncertainty, is seen by many analysts as a classic long-term bullish indicator.
The trend emerged as Ethereum traded below its previous cycle highs, leading to speculation that institutional and high-net-worth investors view the current weakness as a buying opportunity. Large Ethereum holders reportedly moved coins into cold storage rather than actively trading, reinforcing the image of long-term conviction rather than short-term speculation. The rising concentration of supply among whales reduces the float available on exchanges, historically a precursor to reduced selling pressure during rallies.
Meanwhile, leveraged traders are also placing bold bets. A single whale on HyperLiquid increased a highly leveraged long position to 6,325 ETH—worth about $13 million—while holding a 25x multiplier. This move came even as the trader faced over $33 million in unrealized losses, underscoring a deeply bullish posture. On Binance, top traders’ long/short ratio sits at 3.63, with 78.38% of accounts holding long positions, according to on-chain data. Funding rates remain firmly positive, surging over 55% to 0.0162, showing that derivatives traders are willing to pay a premium to maintain their bids.
Technically, ETH remains rangebound between $2,036 support and $2,419 resistance. The Directional Movement Index signals bearish control, with the ADX near 30 and the -DI far above the +DI. Despite this, the aggressive accumulation by spot whales and the heavy leveraged long positioning hint that many market participants expect a breakout. If bulls can reclaim resistance, the combination of reduced exchange supply and high leverage could fuel a powerful rally. Conversely, failure to push higher might trigger liquidation cascades, given the crowded long trade. For now, the collective behavior of Ethereum’s largest holders and leveraged traders paints a picture of a market poised for significant moves.
