Despite Ethereum’s lackluster price action, major players are quietly making moves. Over the past 24 hours, whales have snapped up over $364 million in ETH. Yet, the price remains stuck around $2,590. What’s going on?

🔎 What the Whales Are Doing

• Abraxas Capital pulled 13,771 ETH (~$36.4M) from Binance
• A new wallet grabbed 3,056 ETH (~$7.96M)
• Most notably, a whale connected to Consensys acquired $320M in ETH from Galaxy Digital, then staked $120M of it via Liquid Collective

In total: $364M+ in accumulation — a major vote of confidence.

📉 But Overall Whale Activity Is Down

While a few large wallets are buying, broader whale activity is falling:

• Transactions >$100K are down 50%+ vs. six months ago
• Mega transactions over $10M have dropped from 1,300 to just 590
• Large Transaction Count now sits at just 5.26K, per IntoTheBlock

So while some whales are buying, many are simply inactive.

🧠 What This Means for Traders

This isn’t a classic breakout signal — yet. Yes, inflows are bullish. Yes, ETH is being pulled off exchanges. But without volume and follow-through, ETH may keep trading sideways.

Key observation: Whales aren’t selling. The Whale Netflow Ratio is at -1.18, suggesting ETH is flowing out of exchanges. That’s bullish for the long run — but not a signal to chase.

⚖️ Buy, Hold, or Wait?

If you’re a long-term investor, accumulation by smart money is worth watching. But for short-term traders, ETH still lacks a breakout catalyst. Until whale volume rises more broadly or technical resistance breaks, sideways movement may continue.

This is not investment advice. Always do your own research before making any financial decisions.