Whales Quietly Buy Millions in ETH as Prices Drop and Market Stalls

Ethereum whales have resumed central accumulation despite ongoing bearish sentiment and stagnant price action across the crypto market. While prices remain under pressure, large holders have quietly withdrawn significant amounts of ETH from major exchanges.

A Metalpha-related wallet transferred 29,000 ETH, totaling $48.7 million, from the Binance exchange on April 1. A separate digital wallet removed approximately 46,500 ETH worth from Gate.io starting in mid-February in another transaction. An Ethereum wallet associated with Bybit exchanged approximately 10,000 cryptocurrencies outside the trading platform. This movement indicates substantial Ethereum withdrawal from exchange trading platforms to personal financial control.

This withdrawal trend occurs when Ethereum’s price movement remains stagnant. ETH’s price range oscillates between $1,580 and $1,687 with no strong breakout. Market analysts interpret recent price action through three-wave corrective patterns that show an unsupported direction in the market.

Low prices do not halt the movement of large investors who demonstrate early interest because of potential network enhancements. Market experts are monitoring the upcoming Pectra update scheduled for May 2025 since its implementation might greatly influence how ETH will appreciate over the long term.

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Whale Activity Increases Ahead of Pectra Upgrade

The Pectra upgrade is set to double Ethereum’s blob space, increasing network efficiency and impacting supply dynamics. According to Ethereum researcher Justin Drake, the upgrade will also boost Ethereum’s burn rate, reducing the amount of ETH in circulation.

The planned switch to PoA could erase the supply-side effects resulting from Libera (Dencun). The difficulty of using ETH and high circulation rates has resulted in current price challenges. Petra has the potential to introduce deflationary effects in the market, which historically boosted ETH price growth.

Market uncertainties are not affecting whale investors, who exhibit ongoing faith in Ethereum’s fundamental values for the future. An ascent above $1,618 marks the beginning of potential base formation and an upward price movement. ETH accumulates within whale portfolios as the more significant market observes this accumulation pattern.

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