Ethereum has recently experienced abnormal fluctuations in its market performance, revealing an interesting phenomenon — large whale wallets holding substantial amounts of ETH are actually increasing their positions against the trend. This is not small-scale retail trading but a strategic move by big funds planning a longer-term game.

The data is quite straightforward. Over the past six months, whale wallets holding between 10,000 and 100,000 ETH have collectively increased their holdings to over 22 million ETH, with continuous accumulation. Even more noteworthy, some leading institutions, despite showing unrealized losses exceeding $140 million (with an average holding cost of $3,208), continue to expand their positions by borrowing 900 million USDT. This "buying more on dips" approach may seem aggressive at first glance, but from a big-picture perspective, it has a deeper logic.

The key lies in Ethereum’s technological roadmap. According to current upgrade plans, the Ethereum network’s transaction processing capacity is expected to complete scalability upgrades by January next year, increasing performance from 60 million to 80 million transactions per second. This means network congestion bottlenecks will be significantly alleviated, potentially ushering in a new growth window for DeFi, NFTs, and other ecosystem applications. Historically, each major upgrade has been preceded by a brewing period, and whale accumulation actions are precisely about locking in anticipated future gains early.

However, caution must be exercised regarding leverage risk, which is a double-edged sword. While large funds are confident in their holdings, leverage amplifies volatility risks. If short-term declines exceed expectations and trigger liquidation thresholds, chain reactions of forced sell-offs could occur, impacting the entire market. In other words, although the current accumulation signals a bullish outlook, it also introduces potential instability.