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On-chain data shows that Ethereum whales bought 394,682 ETH over the past three days, worth about $1.37 billion at recent prices. These wallets accumulated during a market dip, when ETH traded in the mid-$3,000 range.
Lookonchain’s tracking indicates several whale addresses participated in the buying, rather than a single dominant buyer. Based on the reported totals, the average purchase price sits close to $3,470 per ETH.
One address drew particular attention. It previously borrowed 66,000 ETH from Aave and has now repurchased 257,543 ETH at roughly $3,480, for a value near $896 million.
Market observers link this address to earlier short positioning, so the recent move suggests a shift back toward direct spot exposure.
Other large entities also increased their Ethereum positions. Reports highlight additional buying from Bitmine, 7 Siblings, OTC trading desks, and several new institutional wallets during the same correction phase.
This pattern indicates that bigger players used short-term weakness in the ETH price to expand long-term holdings.
At the time of writing, Ethereum price trades near $3,335, with intraday moves between roughly $3,330 and $3,480. Recent price action follows a period of heavy liquidations, which removed leveraged short positions and reduced immediate selling pressure.
Analysts link a significant share of the recent demand to institutional investors. Articles from multiple outlets describe how professional desks and funds have treated the pullback as a chance to add Ethereum exposure rather than exit positions.
Bitmine stands out among these buyers. On-chain data indicates that Bitmine purchased more than 40,000 ETH recently, worth close to $140 million, and continues to buy between $200 million and $300 million in ETH each week. This steady demand may absorb circulating supply and tighten available liquidity if it persists.
Analyst Ted Pillows suggests that such frequent purchases of this size would change the mood of the market by creating scarcity of ETH on exchanges. He observes that some other similar-sized buyers might shift the sentiment of the market within a short time.
Also Read: Why Ethereum (ETH) Holders are Adding New Altcoins in 2025
Research from CoinDCX points to a medium-term Ethereum price target around $4,800, with a possible extension toward $5,000 and an estimated 25–30% upside by late 2025, assuming continued network improvements and institutional adoption. Other analysts mention more ambitious scenarios up to $10,000 for ETH, but they tie those paths to favorable macro conditions and sustained demand.
Bitget Wallet researcher Lacie Zhang calls the current phase “cautious calm,” where consolidation is flushing out excess leverage, as larger investors are concentrated in a particular range. According to her, the volatility is part of repositioning rather than losing trust in Ethereum.
In addition to Ethereum whale accumulation, the upcoming Fusaka upgrade is set for the December 2025 mainnet launch. According to the Ethereum Foundation, Fusaka is the next network update that aims to enhance performance and better scalability for users and Layer 2 solutions.
