What Are Crypto Whales Doing as Ethereum Surges Past $2,200?

Ethereum (ETH) surged past the $2,200 mark during early Asian trading hours today, reaching its highest level in over a month. 

As the second-largest cryptocurrency extends its green streak from the weekend, on-chain data reveals crypto whales are capitalizing on the momentum with notable accumulation.

Ethereum Whales Ramp Up Accumulation

Lookonchain reported that Erik Voorhees, an early Bitcoin advocate and the founder of ShapeShift, has resumed buying ETH after a roughly 1-year hiatus. 

Voorhees had sold 12,886 ETH for approximately $42.83 million at an average price of $3,324 a year ago. In March 2026, two wallets linked to him have accumulated 23,393 ETH, worth about $49.08 million. The average purchase price was $2,098.

“He still holds 35.25M USDT and may buy more ETH,” Lookonchain wrote.

The platform also highlighted that a wallet (0xf792) linked to an early Ethereum contributor has also spent $17.46 million to purchase 7,769 ETH at an average price of $2,248.

The buying trend is not new. BeInCrypto reported that since March 11, wallet 0x8E34 has withdrawn 80,157 ETH from exchanges. At the same time, another large investor, wallet 0x743d, spent $24.79 million to purchase 11,985 ETH.

Overall, whale wallet holdings rose from 113.47 million to 121.45 million between March 12 and press time, an increase of approximately 7.98 million, according to Santiment data.

Ethereum Whale Holdings. Source: Santiment

Institutional demand is also picking up. Spot Ethereum ETFs have recorded three consecutive weeks of net inflows, per SoSoValue data.

Whether this momentum can sustain ETH at higher levels will likely depend on broader market conditions and continued accumulation in the weeks ahead.