Ethereum Whales Buy $1.37 Billion in ETH Amid 12% November Price Drop

Despite Ethereum (ETH) losing over 12% of its value in early November, major holders, or whales, showed strong conviction by accumulating approximately $1.37 billion worth of ETH over three days. This buying occurred as ETH dipped to nearly a four-month low around $3,000. On-chain analytics from Lookonchain revealed that eight major entities purchased 394,682 ETH, with an Aave whale being the largest buyer, acquiring $896 million. Bitmine Immersion Technologies was the second-largest buyer. This accumulation aligns with broader positive indicators, as Ethereum exchange reserves have dropped to their lowest level since 2016, suggesting investors are moving assets into long-term storage. Furthermore, Santiment's Market Value to Realized Value (MVRV) metric suggests a strong buying opportunity, as short-term traders are sitting on average losses of 12.8%, historically signaling a low-risk buying period.

(Source：BeInCrypto)