Ethereum Whales Accumulate 218K ETH in Recovery After October Sell-Off

Ethereum's major holders, known as whales and sharks, have resumed accumulating after selling approximately 1.36 million ETH earlier in October. On-chain analytics from Santiment indicate that nearly one-sixth of those coins have been reacquired, signaling returning confidence in Ethereum.

Key Points

Whales and sharks sold off 1.9 million ETH, reducing holdings from 24.5 million to 22.6 million ETH during early October.
This sell-off was influenced by macroeconomic concerns and a flash crash affecting many cryptocurrencies.
Since October 16, these large holders have begun accumulating again, adding approximately 218,470 ETH in the last week.

The increase represents about one-sixth of the previously sold-off ETH.
This trend suggests a potential recovery phase for Ethereum, supported by reduced selling pressure as whale wallets accumulate.
Ethereum is currently trading at $3,940 and approaching the $4,000 mark, with market optimism rising due to cooling US inflation.

Ethereum collective holdings of wallets holding 100-10,000 ETH. Source: Santiment