ETH whales rally as they consolidate near $3K
Ether (ETH) has experienced a renewed rally from big whales, despite its price below $3,000. However, recent onchain and futures data indicate that pressure is on the rise.
Main Receptors:
While price action has been muted, big whales have added more than $2 billion worth of ETH in recent days.
Exchange supply is tight, and 70% of global ETH derivatives positions are net long.
Whale stock monitors the latest ETH flows
According to data source Lookonchain, the “66k ETH Borrow Whale” added another 40,975 ETH ($121 million) the previous day, bringing its total purchases since November 4 to 569,247 ETH ($1.69 billion).
Likewise, the accumulation of treasury also accelerated. Tom Lee's Bitcoin has gained an additional 67,886 ETH ($201 million) in the last 24 hours and approximately $302 million in the last week.
Related: Ether Analysts See ‘Break Up' As ETH Price Returns To $3K
Bitmine currently holds 4.06 million ETH worth $12.4 billion, which is about 3.37% of the total ETH supply.
Cointelegraph reports that Trend Research bought 46,379 ETH this week, raising its holdings to 580,000 ETH, more than any other publicly known Ether treasury. Only SharpLink Gaming and BitMine hold more ETH.
Related: How Wall Street Is Using Ethereum Without Talking About Ethereum
Crypto analyst CW Ether said whales are currently holding ETH to its fair market value.
“As a result, the $ETH whales have virtually no unrealized profits. They have not taken profits in this cycle and are increasing their holdings even more.”
As supply gets tighter, ETH exposure expands.
Derivatives placement adds another layer to the ETH configuration. Data from HighBlock Capital shows that 70% of global net Ether positions on Binance are currently long in the past 30 days.
Meanwhile, ETH's Leverage Ratio (LR) reached an all-time high of 0.611 last week, indicating that traders are deploying leverage against reserves.
At the same time, the dynamics of Onchen's supply moves in the opposite direction. The Ether currency supply ratio on Binance has dropped to 0.032, the lowest level since September 2024, as the shrinking ETH pool is put up for sale.
From a technical perspective, ETH remains squeezed below $3,000 and the 200-period exponential moving average (200-EMA).
While this structure favors continued downside, the gap between tightening supply and higher leverage suggests that any significant move to the upside could be widened if low liquidity is taken below $2,600.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and up-to-date information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from reliance on this information.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and up-to-date information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from reliance on this information.
