Ethereum Updates Today: Privacy-Focused Actions by Ethereum Whales Ignite Discussion on Accumulation Versus Market Manipulation

The disputed

transaction initiated by HEX and PulseChain founder Richard Heart has once again sparked discussions around market manipulation and the influence of large holders in the cryptocurrency sector. On November 5, 2025, Heart transferred 27,449 ETH—worth about $89.8 million at that moment—via Tornado Cash, a service designed to enhance transaction privacy, as reported by . This action, along with other significant Ethereum movements, has attracted attention from both traders and analysts, who interpret it as a possible signal of shifting market sentiment and capital redistribution.

This transaction is part of a larger trend of whale movements following the widespread liquidations on October 10, which led to heavy sell-offs in leading crypto assets. Coinpedia also highlighted that another major investor settled a 66,000 ETH debt before withdrawing 34,155 ETH ($111.6 million) from Binance, likely aiming to purchase Ethereum at lower prices. In a separate instance, a wallet associated with Bitmine withdrew 10,000 ETH ($32.72 million) from Kraken, indicating a continued bullish stance despite ongoing market swings. These developments imply that both institutional players and wealthy individuals are taking advantage of the downturn to increase their holdings for the long term, even as short-term market prospects remain uncertain.

The wave of liquidations in October, which caused significant losses for delta-neutral strategies, has left the market vulnerable. According to Coinpedia, ongoing price weakness since October is largely attributed to continued selling by leveraged traders, though there are now indications that selling pressure may be easing. Market watchers are looking for new buyers to help steady prices, with Heart’s use of Tornado Cash viewed as both a privacy tactic and a deliberate effort to mask the origin of funds.

Opinions within the crypto community remain split regarding these developments. Some interpret the recent activity as a bullish sign of accumulation, while others caution that it could be a warning of possible manipulation. “Large transactions routed through mixers make market tracking more difficult, but they also demonstrate the growing complexity of crypto capital movement,” one analyst observed. This ongoing debate highlights the balance between the need for transparency and the desire for privacy as the market becomes more institutionalized.