Ethereum Whales Shed $20M but Acquire $2.5B—Is the Market Poised for a Breakout?

In the latter part of September 2025, Ethereum whales ramped up their accumulation efforts, purchasing 60,333

at an average cost of $4,256, even as they endured an unrealized $20 million loss from a leveraged short trade. Data from blockchain analytics firms such as GlassNode and Lookonchain indicate that major holders are strengthening their positions during a period of heightened market volatility. The whale, known by the address “0x8c58,” initially secured $76 million in profits from a 20x short initiated in July at $2,969, but now faces a paper loss of $26 million after ETH climbed above $4,600.

This accumulation phase aligned with a record-breaking single-day purchase of $1.19 billion by 11 whale wallets, with funds sourced from exchanges like Kraken, FalconX, and Galaxy Digital OTC. These large transactions took place as the broader market declined, causing Ethereum to fall below $4,000 for the first time in seven weeks and resulting in over $1.6 billion in crypto market liquidations. Despite the instability, institutional Ethereum ETFs saw $1.37 billion in net inflows over 19 straight days before a modest $2.1 million outflow, highlighting ongoing institutional trust.

The trend of whale accumulation was not limited to a few entities. Wallets holding between 1,000 and 100,000 ETH collectively acquired 1.49 million coins ($3.79 billion) in 30 days, boosting their total to 41.61 million ETH—almost 27% of all Ethereum in circulation. This marks the largest surge since 2018, with whale-controlled ETH rising by 3.72% and Ethereum’s share of overall digital asset inflows increasing by 14%. At the same time, exchange reserves dropped to a yearly low of 16.5 million ETH, pointing to lower immediate selling pressure and a preference for long-term holding or private storage.

From a technical perspective, Ethereum was consolidating near important resistance zones, with prices fluctuating around $2,617 as it neared a potential breakout from a six-year sideways trend. On the daily chart, ETH reclaimed the 50% Fibonacci retracement at $2,130 but encountered resistance at the 38.2% level ($2,307). Analysts observed a rising wedge on the long-term chart, with ETH approaching the wedge’s apex at $2,607. If the price sustains above $2,850, targets between $3,000 and $3,200 may be in play, while a drop below $2,570 could postpone the expected rally.

Whale strategies stood in stark contrast to the difficulties faced by retail traders. A notable address, “0xa523,” incurred a $45.3 million loss after its 9,152 ETH long position was liquidated when ETH dipped below $4,000. This highlights the dangers of leveraged trading in turbulent markets, as more than $500 million in ETH long positions were wiped out in just 24 hours. Meanwhile, another whale, “Machi,” saw $30 million of its $42.6 million Hyperliquid gains erased, and deposited $4 million in

to prevent liquidation.

Current accumulation patterns and technical signals point to a market approaching key turning points. Institutional investments, shrinking exchange balances, and persistent whale buying have created a supply squeeze, which has historically preceded sharp price increases. Nevertheless, regulatory ambiguity and broader economic challenges—such as a strong U.S. dollar and global tensions—continue to pose significant risks. Should Ethereum break above $2,850 with strong trading volume, a move toward $3,500–4,000 could accelerate; however, extended consolidation below $2,570 may lead to further downward pressure.

Source: [9] A Major Whale Faces Nearly $20 Million in Unrealized Losses (https://www.bitget.com/news/detail/12560604904544)