#ETH链上活动升温 218,000 Ethereum! This number is enough to shake the entire cryptocurrency market. While ordinary investors are still hesitating, those big players known as "whales" have already placed their trust with real money. What have they seen? Why are they buying in such large quantities at this moment?

In the past week, the Ethereum market has witnessed a remarkable phenomenon of whale accumulation. Data shows that multiple whale addresses have collectively increased their holdings by 218,000 Ether, with Bit alone purchasing 203,826 ETH during the market downturn. Such a scale of buying is certainly not coincidental, but rather based on a well-thought-out strategic layout.
Why now? The whales seem to have sensed a certain upcoming market opportunity. On one hand, Ethereum's current price is about $3933, which is still some distance from its historical high of $4953, indicating there is still room for an increase. On the other hand, there is a strong expectation of a rate cut by the Federal Reserve, with a 99.4% probability of a 25 basis point cut in October, which typically benefits risk assets.

Five Deep Reasons Why Whales Buy In

Technology upgrade expectations
Ethereum is about to迎来 the Pectra upgrade, a significant technical update that will greatly enhance network performance and further strengthen its application value in areas such as DeFi and NFTs. Whales are clearly unwilling to miss out on this wave of technological dividends.
Market valuation is low
The current ETH price has rebounded from its low point, but it is still below the holding cost of some whales. Data shows that the average holding cost of some whales is about $1743, which means they still have confidence in the long-term appreciation potential of Ethereum.
Asset allocation adjustment
Interestingly, some whales are selling Bitcoin to invest in Ethereum. This phenomenon reflects the market's ongoing recognition of Ethereum's dominant position in the fields of smart contracts and DeFi. Ethereum is becoming the new favorite among institutional investors.
ETF capital inflow
Ethereum spot ETF has seen a net inflow for 18 consecutive days, with a single-day inflow of 219 million USD on July 29.
The continuous inflow of funds from these institutions provides sufficient market liquidity support for the whales.
Economic recession hedge
As expectations for a Federal Reserve rate cut rise, concerns about an economic recession are intensifying in the market. Cryptocurrencies, as a non-traditional asset class, are increasingly being viewed by investors as a tool to hedge against economic uncertainty.

The large-scale buying by whales has had an immediate effect. The price of Ethereum has increased by 1.24% in the last 24 hours, and more notably, the trading volume reached $33 billion in 24 hours, indicating a significant increase in market activity.

But does the purchase by whales really mean that a bull market is coming?
Historical experience tells us that whale behavior is often a market barometer. The number of addresses holding more than 10,000 Ether has risen to its highest level since March 2025, exceeding 40.75 million Ether. This phenomenon of concentrated holdings usually attracts follow-up buying, pushing the price further up.
However, the market also needs to remain vigilant. If the whales suddenly turn to sell, it could trigger a chain reaction. For now, it seems that the whales are more inclined to hold long-term, which provides relatively stable support for the market.