Large Ethereum holders have significantly increased their positions over the past three weeks, according to new data from Santiment, an on-chain analytics platform tracking blockchain and social activity. In total, whale wallets accumulated roughly 934,240 ETH, valued at around $3.15 billion, between late November and mid-December.
Santiment highlighted the contrasting behavior between market segments. While institutional-level wallets continue to buy aggressively, retail traders have been net sellers, offloading approximately 1,041 ETH over the past week.
Ethereum Outperforms Bitcoin Despite Market Volatility
In recent days, Ethereum has shown stronger performance than Bitcoin and most of the top-10 cryptocurrencies. On Wednesday, ETH briefly reached $3,400, posting the best intraday move among major assets. Even as the broader market dipped again today, Ethereum has continued to demonstrate relative strength.
Santiment also noted that similar wallet accumulation patterns appeared ahead of major market moves in 2017 and 2021, though the firm cautioned that historical behavior does not guarantee outcomes under current market conditions.
Whales Continued Buying Even Through Market Drawdowns
Despite several sharp pullbacks last month, whale addresses consistently increased their ETH holdings. This accumulation trend has persisted regardless of short-term volatility, signaling steady confidence among large investors.
At the same time, Ethereum ETFs have turned positive, recording more than $270 million in inflows over the last three days – a noteworthy shift given the challenging market environment throughout previous months.
ETF Developments: BlackRock Pushes Forward on Staked ETH Product
Momentum on the regulatory side also continues. A few days ago, BlackRock submitted filings for a staked ETH ETF, expanding its presence in the digital asset space.
While Grayscale launched its ETH Staking in early October 2025, analysts expect BlackRock’s product to be more competitive due to its anticipated lower fee, which would make it more accessible and potentially more attractive to institutional investors. Based on current timelines, the earliest possible listing window for the ETH Staking ETF is late Q2 2026, with the latest likely by the end of 2026.
Exchange Balances Fall to the Lowest Level Since 2015
One of the most important structural shifts in Ethereum’s supply dynamics is the continued decline in ETH held on centralized exchanges. Data from Glassnode shows that exchange balances have fallen to 8.6% of total ETH supply, the lowest level since Ethereum first began trading publicly in 2015.
This trend typically indicates reduced sell-side liquidity, which historically supports long-term price appreciation.
Analysts: Whale Accumulation + ETF Inflows = Strong Bullish Signal
Market analysts note that the combination of:
– whale accumulation,
– retail distribution,
– renewed ETF inflows,
– growing institutional interest in staked ETH products
collectively forms one of the most constructive setups for Ethereum in recent months.
