The return of “smart whales and institutions” is driving the strong liquidity rotation currently experienced by Ethereum in the market. One of the cryptocurrency’s main supports, Bitmine, is leading the movement by buying 138,452 ETH in the last 7 days, adding to its holdings of 3.73 million tokens. But the move is not exclusive to this company; on-chain data shows strategic withdrawals by Amber Group (6,000 ETH) for self-custody and deposits by Metalpha into DeFi protocols like Aave, confirming that whales and institutions are buying Ethereum amid the price consolidation above $3,125.
Large holders are accumulating, and their action is notable. Despite the Fear and Greed Index remaining neutral (51 points), accumulation wallets are reaching an all-time high above 27 million tokens. This institutional and whale confidence dates back to previous weeks, where a strong buying intervention was detected around $2,800, a level that coincided with the average acquisition price for large holders. This pattern suggests that major players are using the network as a crucial asset for DeFi and tokenization.
Now, the derivatives market has all the attention. The Open Interest (OI) for ETH has surged to over $17.4 billion, reflecting greater confidence in a potential rally. On platforms like Hyperliquid, nearly 59% of whale positions are long, with influential traders betting hundreds of millions of dollars. This strong bullish sentiment in derivatives, coupled with spot accumulation, suggests that ETH is looking for a direction to break higher and reach a superior price range.
Source: https://hypurrscan.io/address/0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae
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