Ethereum (ETH) cryptocurrency whale wallets accumulated approximately 220,000 tokens over the past week.
The buying spree totaled around $660 million at current prices.
Large holders increased positions as retail traders reduced exposure to the second-largest cryptocurrency.
What Happened
Wallets holding between 10,000 and 100,000 Ethereum tokens now control over 22 million coins.
The whale accumulation occurred during a period of price weakness, with Ethereum trading near $2,930.
Exchange balances continued declining even during recent price pullbacks.
The reduction suggests cryptocurrency is moving into self-custody, staking contracts or long-term storage rather than being prepared for immediate sale.
Crypto analyst Joseph Young said whale accumulation of Ethereum is at an all-time high.
The buying is taking place outside peak price conditions, indicating long-term positioning by funds and high-net-worth participants.
Ethereum spot ETF outflows added to selling pressure this week.
The combination of institutional withdrawals and retail hesitation contrasts sharply with whale buying behavior.
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Why It Matters
Ethereum is trading approximately 41% below its August 2025 all-time high of $4,953.
The divergence between whale accumulation and retail selling creates opposing forces in the market.
About 70% of global net Ethereum positions on Binance are currently long over the past 30 days, according to Hyblock Capital data.
The Estimated Leverage Ratio reached an all-time high of 0.611 last week.
Traders are deploying increasing leverage relative to exchange reserves.
Ethereum's exchange supply ratio on Binance dropped to 0.032, its lowest level since September.
The shrinking pool of cryptocurrency available for selling could support prices if demand increases.
Whale buyers typically accumulate when they believe a setup exists rather than making short-term trades.
The sustained buying during market weakness suggests confidence in Ethereum's longer-term prospects despite current price struggles.
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