Ethereum whales buy over $350 million in ETH ahead of December Fusaka upgrade
On-chain data indicates increased Ethereum whale activity as they purchase millions of dollars worth of ETH, with a newly created wallet buying 20,000 ETH and another acquiring $206M in AaveETH. This whale activity aligns with Ethereum's recent price dip to $3,200, suggesting institutional interest in discounted prices. Analysts predict support for ETH between $3,000 and $3,400, potentially leading to a bullish rise to $4,500-$4,800. Additionally, the upcoming Fusaka upgrade on December 3 could act as a catalyst for Ethereum's growth, improving transaction speeds, lowering costs, and scaling network capacity. Institutional interest in Ethereum has surged, with ETH whales increasing holdings by 7.6M tokens since Q2. The crypto asset is trading at $3,552.62, up 6.51% over the last 7 days.
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Ethereum Whale Accumulation Amid Market Downturn
On-chain data suggests that Ethereum whales have been aggressively buying millions of dollars worth of ETH. Arkham Intelligence reported that a new Ethereum wallet purchased 20,000 ETH, while another wallet acquired $206 million worth of AaveETH. Despite the recent crypto market meltdown, large players have doubled down on Ethereum. Recent data shows that more than $350 million worth of Ethereum has been purchased during this price drop.
Significant Wallet Activities Observed
On-chain data provided by Arkham Intelligence revealed a new Ethereum wallet purchased 10,000 ETH, worth $34 million, when Ethereum dropped to a low of $3,200. The wallet later added another 10,000 ETH, increasing its total holdings to 20,000 ETH, worth $70 million. Both transactions were executed via Kraken’s hot wallet. Additionally, Etherscan flagged another wallet that acquired 24,007 ETH worth $82 million through Galaxy Digital’s over-the-counter desk. Etherscan also indicated a $206 million AaveETH purchase, further emphasizing the ongoing whale activity.
Analyst Insights on Whale Activity
CryptoQuant analyst ShayanMarkets observed increased whale activity as Ethereum’s price dropped to $3,200, noting this behavior as a common pattern seen before local bottoms and accumulation phases. Shayan stated, "Across previous cycles, similar transitions from whale accumulation to retail capitulation have marked the start of trend reversals or compression phases before major upswings." The analyst predicts that if Ethereum finds support in the $3,000 to $3,400 range, it could enter an accumulation phase, setting the stage for a potential bullish run towards $4,500 to $4,800.
Fusaka Upgrade: A Potential Bullish Catalyst
Technical analyst Ash Crypto shared insights with his two million followers on X, highlighting the upcoming ETH Fusaka upgrade scheduled for December 3rd. Ash described the upgrade as Ethereum’s entry into its “Performance Era”. Key features of this upgrade include:
- Higher transaction speeds
- Lower fees
- Increased network throughput
- More user adoption
He emphasized that such improvements could drive higher demand for Ethereum as whales continue their accumulation behavior. Ethereum’s current price stands at $3,552.62, reflecting a 6.51% increase over the last seven days.
Institutional Interest in Ethereum Rekindled
Cryptopolitan reported a 57% surge in Ethereum spot activity over the past month. Ethereum whales have notably increased their holdings by 7.6 million ETH since early Q2. Analysts speculate that the Fusaka upgrade announcement and Ethereum’s discounted prices are driving this renewed institutional interest. The upgrade, set to launch in late October, includes more than a dozen improvement proposals aimed at enhancing Ethereum’s security, stability, and scalability.
Details of the Fusaka Upgrade
The Fusaka upgrade will oversee major changes to the Ethereum network, including:
- Mainnet release to implement core improvements.
- Blob expansion for increased Layer 2 scaling.
- A subsequent data limit increase via a hard fork.
This upgrade will also increase the network’s block gas limit from 30 million to 150 million, doubling its blob capacity at a faster rate. These enhancements are expected to strengthen Ethereum’s infrastructure and support its use in a growing ecosystem.