Ethereum Whales Accumulate $364.36 Million in 24 Hours

Over the past 24 hours, Ethereum whales have made significant purchases, accumulating over $364 million in ETH. This activity was observed by on-chain monitors, who noted multiple large transactions involving these entities. Abraxas Capital, one of the whales, withdrew 13,771 ETH worth $36.4 million from a major exchange. This was not their first accumulation, as Abraxas has been active over the past two months. Another newly created wallet withdrew 3056 ETH worth $7.96 million from the same exchange.

The most notable whale activity involved a wallet linked to Consensys, which acquired $320 million of ETH from Galaxy Digital. Following this acquisition, the whale transferred the ETH to a new address and staked $120 million worth of ETH with the Liquid Collective. In total, these three whales acquired $364.36 million worth of ETH tokens, signaling bullishness and conviction in the market. Such inflows typically increase buying pressure and suggest optimism for a near-term rebound.

Despite these significant transactions, overall whale activity has decreased. Six months ago, when Ethereum was trading at approximately $3,819, there were a total of 65,600 large transactions worth over $100,000. During this period, transactions between $100,000 and $1 million accounted for 53,800 transactions, while those between $1 million and $10 million recorded 10,500 transactions, and those exceeding $10 million had 1,300 transactions. In contrast, as of May 2025, with ETH trading at around $2,590, the numbers have drastically changed. Transactions worth $100,000 to $1 million saw 33,900 transactions, while those worth $1 million to $10 million saw 5,800 transactions, and transactions worth over $10 million dipped to 590. Currently, total large transactions have dipped to 5,260, signaling a massive decrease in whale activity.

Looking ahead, the accumulation by whales, such as the $364 million bought this week, indicates that some large holders still believe in ETH’s upside potential. However, the drop in transaction count suggests that many whales are currently inactive. While ETH does not require all whales to move the needle, their support is crucial for sparking strong rallies and potential market momentum. Currently, that support appears fractured. On the positive side, those remaining in the market seem to be buyers rather than sellers, providing some hope to market participants. The Whale Netflow Ratio dropped to -1.18, meaning more ETH is moving away from exchanges than toward them, indicating that whales are holding or buying rather than selling. This could be an early signal of a potential return of interest, but a strong trend reversal is not yet in sight. At prevailing market conditions, Ethereum lacks strong support from large whales, leading to the altcoin continuing to trade sideways.