Ethereum News Today: Ethereum's $7,000 Push Gains Momentum as Whales and ETFs Align

Ethereum's price momentum has accelerated as a confluence of whale accumulation, ETF inflows, and network upgrades positions the asset for a potential $7,000 target. Institutional players and large holders are reshaping the market landscape, with BitMine's recent $113 million purchase of 27,316 ETH bringing its total holdings to 3.31 million ETH, valued at over $13.3 billion. This acquisition gives the firm a 2.8% stake in Ethereum's circulating supply, making it the largest corporate ETH holder and advancing its goal of acquiring 5% of the total supply, according to a Crypto.News article.

Whale activity has also intensified, with a recent $39.11 million transfer of 10,000 ETH to Binance by a large holder. The move, verified by EmberCN, highlights the volatility of large ETH positions, as the same wallet had previously accumulated the tokens at a $46.63 million valuation, resulting in a $7.52 million unrealized loss, as reported by Coinotag. Such transactions underscore the sensitivity of macro-level positions to price swings, even for seasoned whale investors.

Meanwhile, Ethereum spot ETFs have seen a resurgence in inflows, with $379.9 million added this week alone, pushing total assets to $27.66 billion. This follows two weeks of outflows and signals renewed institutional confidence in the asset, according to a Coinotag report. The inflows coincide with the live deployment of the Fusaka upgrade on the Hoodi testnet, which promises scalability improvements, reduced gas fees, and parallel execution. Scheduled for mainnet activation on December 3, the upgrade is seen as a critical step in maintaining Ethereum's competitiveness amid rising blockchain adoption.

The bullish technical setup is further reinforced by Santiment data showing a three-week high in Ethereum transactions exceeding $1 million. This surge aligns with ETH's rebound toward $4,000 and suggests sustained buying pressure from institutional actors. Analysts note that whale accumulation often stabilizes markets during consolidation phases, providing a foundation for breakouts if volume trends continue upward, the Coinotag report added.

Expanding beyond Ethereum, institutional staking is broadening as Coinbase and Figment integrate support for Solana, Avalanche, Aptos, and Sui. The partnership, which has already facilitated over $2 billion in staked assets through Coinbase Prime, reflects growing demand for on-chain yield across proof-of-stake networks. This expansion follows U.S. SEC clarity on liquid staking activities and the launch of staking-focused ETFs, including Bitwise's Solana Staking ETF and Grayscale's ETH and SOL staking initiatives, according to a TradingView report.

Ethereum's path to $7,000 hinges on several factors: a sustained break above current consolidation levels, rising volume, and continued ETF inflows. Technical indicators such as RSI (47) and CMF (-0.06) suggest neutral momentum, but a positive flip in CMF and increased volume could validate the target, the Coinotag report concluded.