Ethereum Whales Accumulate $230M as Exchange Balances Turn Negative

• Whale accumulation of $229.91M ETH shows growing confidence in long-term holding.
• Key support at $3,960 and $3,360 may dictate Ethereum’s next price direction.
• Exchange outflows and rising network activity signal structural strength and adoption.

Ethereum is showing signs of structural strength despite recent price weakness. According to Arkham data, three whale addresses acquired nearly $229.91 million worth of ETH from FalconX and Bitgo. This large-scale accumulation comes as exchange balances decline sharply, suggesting long-term investors are preparing for the next market phase. 

THREE WHALES JUST BOUGHT $230M OF ETH

Three new Whale addresses just bought $229.91M of ETH from FalconX and Bitgo.

Whales are accumulating $ETH.

Addresses:
0x07BcD04FDC108E8Aa39233f00D93B1E75AFEecbc
0xC77ecE9Fb15b958563dB6fE990f83E3809fdEc51… pic.twitter.com/H7Cu5O6Up2

— Arkham (@arkham) September 5, 2025

Key Support Zones Define Market Outlook

Ali Martinez noted that Ethereum’s realized price distribution highlights two crucial support levels. Around $3,960, approximately 676,000 ETH were last transacted, creating a strong near-term cushion. 

Meanwhile, at $3,360, m…

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