Despite a severe 12% correction that brought the price of Ethereum (ETH) down to a four-month low of $3,000 in early November, large investors (whales) responded forcefully. Data from on-chain analytics firm Lookonchain reveals an Ethereum accumulation by whales valued at $1.37 billion. This massive purchase, executed in just three days, demonstrates strong conviction in the market’s second-largest cryptocurrency.
Lookonchain’s detailed analysis identified eight major wallets actively participating in this buying wave. Together, they acquired a total of 394,682 ETH. The average purchase price during this window was $3,462, suggesting they see value above the recent recovery. An entity known as an “Aave whale” led the accumulation with 257,543 ETH, equivalent to $896 million. Furthermore, Bitmine Immersion Technologies, recognized as ETH’s largest corporate holder, acquired 40,719 ETH for $139.6 million. This latest purchase aligns with Bitmine’s ongoing strategy of buying the dips, adding to its $250 million and $113 million investments in October.
This Ethereum accumulation by whales is particularly significant due to the general behavior of investors. It’s not just about aggressive buying; there is also a strong HODLing (long-term holding) trend. Data from the firm CryptoQuant shows that the total reserves of Ethereum on centralized exchanges have fallen to their lowest level since 2016. Historically, when investors move their assets off trading platforms, they do so into cold storage. This behavior drastically reduces the liquid supply available for sale, thereby lessening potential selling pressure and laying the groundwork for lower downside volatility.
Does the MVRV metric signal the ultimate bottom for ETH price?
The analytics firm Santiment provides further evidence supporting the buy thesis. The MVRV (Market Value to Realized Value) metric shows clear signs of a historic opportunity. Currently, traders who bought in the last 30 days are sitting on average losses of 12.8%. Even more revealing, even holders from the past year have slightly entered negative territory, with an average return of -0.3%. According to Santiment, this scenario is rare. When both short-term and long-term MVRV metrics are simultaneously in the negative range, it historically signals a low-risk buying opportunity, coinciding with panic or “blood in the streets.”
The strong Ethereum accumulation by whales during the recent dip sends a clear bullish signal. Although the price of ETH is struggling to reclaim the key $3,400 support level, the fundamental on-chain data is clear. The combination of aggressive institutional buying, the historic decline in exchange reserves, and MVRV metrics in the opportunity zone suggest underlying confidence. If these accumulation and exchange outflow trends continue in the coming weeks, Ethereum could be preparing for a sustainable price recovery, provided that broader market conditions stabilize.
