Ethereum News Today: Institutional Whales Buy $200M Ethereum, Betting on Long-Term Upside

The Ethereum market, reeling from macroeconomic pressures, has seen a surge in strategic buying by large institutional investors, signaling confidence in the cryptocurrency's long-term trajectory despite short-term volatility. On-chain data reveals a series of major Ethereum purchases by institutional-scale investors as the asset forms a local bottom around $3,200, according to recent reports. A newly created wallet alone acquired 10,000 ETH (worth $34 million) on October 29, followed by another 10,000 ETH purchase the next day, bringing its total holdings to $70 million. Separately, a whale acquired 24,007 ETH ($82 million) via Galaxy Digital's over-the-counter desk, underscoring a coordinated accumulation effort. The largest single transaction, however, involved the purchase of nearly 58,811 AaveETH tokens worth $206 million, further highlighting institutional interest.

These moves suggest that large players view current price levels as a strategic entry point, particularly as Ethereum's spot order activity hints at potential re-entry by institutional participants. Rachel Lin, CEO and co-founder of SynFutures, told Decrypt: "The size and speed-OTC fills and exchange withdrawals-suggest institutional participants or treasury buyers rather than retail." Lin noted that these buyers are likely positioning for medium-term upside, tolerating near-term volatility in anticipation of catalysts such as policy easing or institutional product flows. "Accumulation can continue if macro tail-risks don't re-spike," she added, emphasizing that macroeconomic conditions remain a critical factor in Ethereum's near-term outlook.

Ethereum has since recovered approximately 10% from its recent low, trading around $3,533 as of November 12. Analysts point to several potential catalysts for further recovery, including the upcoming Fusaka upgrade, increased institutional OTC demand, and "borrow-to-buy" strategies where whales leverage stablecoins to amplify spot purchases. On prediction markets like Myriad, traders are betting on Ethereum's next move, with a 55% probability assigned to a $4,000 price target over $2,500.

The buying spree aligns with broader trends in the crypto market, where Ethereum has been labeled a "standout performer" by CoinShares, with global crypto funds adding $785 million in inflows during the fifth consecutive week of positive flows. This resilience contrasts with altcoins, which have retreated amid macroeconomic volatility following the recent U.S. credit rating downgrade. Vitalik Buterin's recent proposal for "partially stateless nodes" to improve Ethereum's scalability also adds to the narrative of long-term value creation.

While the broader market remains cautious, the strategic accumulation by whales and institutional players suggests that Ethereum's pain is short-term, as the asset's underlying fundamentals and upcoming upgrades position it to remain a key player in the crypto supercycle. Whether this marks a turning point for Ethereum will depend on the resolution of macroeconomic uncertainties and the success of upcoming network upgrades.