Ether has seen renewed accumulation from large holders in recent days, even as its price remains capped below the $3,000 mark.
Onchain data and derivatives positioning now suggest that pressure may be building for a more decisive move.
Large holders ramp up buying
Blockchain data shows aggressive accumulation by some of the market’s largest participants.
One whale, often referred to as the “66k ETH Borrow Whale,” added more than 40,000 ETH in a single day, lifting total purchases since early November to nearly 570,000 ETH.
That accumulation alone represents roughly $1.7 billion worth of Ether.
Corporate treasuries have also stepped up buying activity.
Bitmine, associated with investor Tom Lee, acquired close to $300 million worth of ETH over the past week, including more than $200 million in the last 24 hours.
Treasury holdings reach new scale
Bitmine’s total Ether holdings now exceed 4 million ETH, valued at approximately $12.4 billion.
That represents more than 3% of the total ETH supply, placing it among the largest known holders globally.
Other major buyers have followed a similar path.
Trend Research recently lifted its Ether holdings to around 580,000 ETH, surpassing most publicly tracked corporate treasuries.
Only a handful of entities currently hold more ETH.
Whales show little incentive to sell
According to analyst CW, the cost basis of many whale positions sits close to current market prices.
“As a result, the unrealized profit of $ETH whales is almost non-existent,” he said.
“They did not take profits in this cycle, and they are further increasing their holdings.”
This dynamic reduces immediate selling pressure and suggests conviction in higher long-term valuations.
Leverage builds as exchange supply tightens
Derivatives data adds another layer to Ether’s evolving setup.
Roughly 70% of global Ether positions on major exchanges have been net long over the past month, indicating bullish positioning among traders.
At the same time, Ether’s estimated leverage ratio recently reached a record high.
This suggests traders are deploying increasing leverage relative to available exchange reserves.
Onchain data shows the supply of ETH held on exchanges continues to fall.
The exchange supply ratio on one major platform dropped to its lowest level since late 2024, signaling a shrinking pool of coins available for sale.
Technical structure remains compressed
Despite these supportive undercurrents, Ether’s price remains technically constrained.
ETH continues to trade below both the $3,000 level and its 200-period exponential moving average.
This structure typically favours continued consolidation or downside risk in the short term.
However, the divergence between tightening supply and rising leverage suggests any decisive move could be amplified.
