Ethereum Whales’ $18 Billion ETH Accumulation Could Be Hiding a Market Bottom

Despite a recent 43% Ethereum price crash that led to a $7.17 billion drop in leveraged open interest, large holders (whales) aggressively accumulated nearly 9 million ETH, totaling about $18.7 billion. This accumulation, occurring while speculative pressure was being flushed out, signals long-term positioning rather than short-term trading. This whale behavior is now aligned with long-term holders resuming accumulation and consistent negative exchange net position change, indicating coins are moving off exchanges into private wallets. Furthermore, short-term holders are exiting the market. Technically, Ethereum is showing a bullish divergence on the RSI, suggesting weakening selling pressure. If ETH breaks resistance at $1,990 and then $2,240, it could confirm a structural bottom; however, a drop below $1,740 would invalidate this thesis.

(Source：BeInCrypto)