Smart Money is Loading Up: $1.69 Billion Ethereum Whale Accumulation Revealed
While the price sleeps below $3,000, a silent giant is feasting. On-chain data reveals a stunning trend: a colossal whale accumulation of Ethereum is underway, with one single wallet buying a staggering $1.69 billion worth of ETH since early November. This isn’t hopeful retail; this is sophisticated capital using loans and leverage to build a massive position during market fear. Despite bearish surface-level signals, the smartest money in the room is placing an enormous bet on ETH’s future.
Decoding the Massive Whale Accumulation
The story centers on a whale known as “66kETHBorrow,” who just added another $121 million in ETH. Critically, around $881.5 million of their buying power came from loans on Aave—a leveraged, bullish bet that shows extreme conviction. This is strategic accumulation, not passive holding.
They’re not alone. Data shows the number of wallets holding 10,000 to 100,000 ETH is surging, and funds like Fasanara Capital are also adding exposure. This paints a clear picture: institutions and ultra-wealthy investors are systematically buying this dip.
The Counter-Narrative: Arthur Hayes Sells for Altcoin Rotations
Providing a counterpoint, former BitMEX CEO Arthur Hayes has been selling portions of his ETH stack, moving millions to Binance to rotate into DeFi tokens like ENA and PENDLE. This highlights a tactical divergence: some veterans are taking profits to bet on higher-beta ecosystem plays, while other whales double down on the core ETH asset itself.
Technical Outlook: The Critical 200 EMA Test
ETH price is trapped in a $2,800-$3,200 range, currently hovering near $2,928. All eyes are on the 200-day Exponential Moving Average (EMA), a major bull market support line. A strong bounce from this zone would keep the long-term structure intact.
However, a decisive break below it could trigger a sharper decline toward the $2,000-$2,100 area. Analysts see strong bids near $2,600, viewing any dip toward that zone as a prime accumulation opportunity before a potential Q1 2026 rally.
My Take
This is the most bullish divergence you can get. Price is stagnant, but whale accumulation is hitting historic levels. When smart money uses leverage to buy during fear, it’s a powerful long-term signal. The $3,000 breakout will come, and when it does, it will be explosive due to this built-up institutional pressure. The current phase isn’t a decline; it’s a redistribution from weak hands to strong ones. Accumulating alongside the whales, with a stop below the 200 EMA, is the high-conviction play.
