Ethereum's market experienced an impressive rally over the past 24 hours, with its price reaching $3,597.34, up 4.8% on the day. Its total market cap increased to $434.18 billion, gaining 4.81% and trading volume surged 88.44%, totaling $35.94 billion. The rise reflected an increase in participation from buyers and investors in the market.
Ethereum's fully diluted value was equal to $434.23 billion, indicating almost the full supply was in circulation. The total and circulating supply of Ethereum was equal to 120.69 million ETH, indicating that more than 97% of the possible ETH has been created and distributed.
While Ethereum held steady around $3,630, large interests sold off holdings. From November 8, whale wallets reduced exposure from 101.47 million ETH to 101.43 million ETH, a reduction in value of approximately $300 million. Meanwhile, the ETH price held resiliently due to retail traders continuing to buy.
This selling reflects whale expectation for shorter-term pullbacks. One common pattern amongst whales is to sell near levels of resistance and then buy again during a dip. This has been a pattern seen since early November. During this period, they sold approximately 0.04 million ETH, or around $300 million, as they anticipated a price correction before moving to subsequent higher price levels.
This profit-taking from whales has dampened some of the ETH rally participants experienced; however, it hasn’t deterred them. Smaller retail interests filled that gap, providing proof of resiliency amid consolidation. In fact, this often indicates a transitional phase before an explosive upward move.
Crypto analyst Kyle Chasse shared on X that CryptoQuant data revealed a rise in large order sizes. The data spanned 2022 to 2025, charting price movements between $500 and $4,500. It used color-coded points to distinguish normal, big whale, small whale, and retail orders.
Recent trading showed more green markers, reflecting institutional-sized buys as ETH approached the $3,200 support zone. Chasse captioned his post, “Whales circling $ETH!!!,” pointing out that large investors were accumulating as retail traders hesitated. He added that this accumulation pattern had appeared before previous local market bottoms, hinting at renewed confidence.
Between 2024 and 2025, the chart revealed consistent whale activity during price pullbacks. Institutional demand appeared strongest around dips, where long-term holders positioned for the next major advance. This suggested that large players were gradually reclaiming market influence even as smaller traders stayed cautious.
The NUPL ratio showed a value of 0.33 and indicated that the majority of traders were still making profits. Traditionally, when the NUPL ratio turns to a value of more than 0.30, profit realization is the usual consequence and, hence, the market momentum slows down.
If the NUPL ratio dips below 0.30, it might lead to a fresh rally cycle reset. That drop would relieve selling pressure and pave the way for stronger entry points to accumulate.
Currently, profit booking remains the main reason for Ethereum’s price consolidation. Long-term holders continue to sell moderately instead of accumulating heavily. Although the distribution data has eased since October 15, net movement must turn positive before Ethereum attempts to break the $4,000 resistance.
Ethereum’s market remains stable despite a $300M whale sell-off. Retail traders continue to support price action while institutional investors quietly accumulate. If the NUPL ratio resets below 0.30, Ethereum could regain momentum toward the $4,000 mark in the next rally phase.
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