Ethereum giants make a $1.37 billion purchase as the market panics; signs of institutional buying trend

Ethereum (ETH) has recently experienced a severe drop, with its price plummeting over 12% and reaching its lowest point in four months. Meanwhile, cascading liquidations and retail trader fears were triggered, but something very different was happening behind the scenes: the big accumulators—those moving billions—did exactly the opposite. They saw blood in the streets and saw gold.

The strategy of the biggest holders: US$ 1.37 billion in three days

On-chain data reveal the movement that defines this moment: among the top players in the network, eight heavyweight entities acquired 394,682 ETH in just 72 hours. The equivalent? US$ 1.37 billion bought when the price was around US$ 3,462—exactly when panic was at its peak.

The highlight goes to a whale linked to the Aave protocol that, alone, swallowed more than 257,000 ETH. Its individual investment totaled US$ 896 million. In parallel, the corporation BitMine Immersion Technologies, which has been building an aggressive crypto accumulation strategy, added 40,719 ETH to its treasury. Just between October and November, this entity had already poured over US$ 360 million into Ethereum—movement that reinforces a clear pattern: decline = entry opportunity for those with capital.

Ethereum disappears from exchanges: an indicator that speaks louder than a thousand analyses

An even more powerful signal is happening outside the spotlight: ETH reserves on centralized exchanges have fallen to the lowest level since 2016.

What does this mean in practice? Investors, especially those with a long-term vision, are withdrawing their ETH from trading platforms and moving them to personal wallets. This drastically reduces the available quick-sale supply in the market. Less supply + growing institutional demand = classic recipe for sustained bullish momentum.

MVRV in the red on both timeframes: when the indicator signals “buy with confidence”

The MVRV metric—which measures the average profit or loss of investors—painted a textbook picture of a market bottom. Active traders in the last 30 days report an average loss of 12.8%. Long-term holders? Almost zero to zero, with only -0.3% decline.

This specific scenario—negative MVRV simultaneously in short and long term—is historically one of the clearest signs that the market has reached capitulation. According to Santiment analysis, when this setup appears, it usually precedes significant rebounds. It’s the moment when “blood is literally on the streets,” in their words.

Initial recovery in progress

Currently, ETH is trading near US$ 3,384, recovering from the lows. The US$ 3,400 level remains an important technical resistance, but the reduction of supply on exchanges creates favorable conditions for a breakout. If the institutional accumulation wave persists, the coin could return above US$ 3,500 in the coming weeks.

Long-term scenario: historic highs in sight?

While the short term shows strong accumulation, renowned analysts like Arnau Catalist maintain ambitious projections: Bitcoin and Ethereum reaching new all-time highs before Q3 2026.

The forecast sets a concrete timeframe in an environment of extreme macroeconomic uncertainty. Bitcoin recently tested the US$ 100,000 zone while Ethereum fell to US$ 3,162. Both have already recovered ground, and these projections provide an important guide for investors calibrating their positions.

What is clear: the behavior of whales, combined with on-chain signals, suggests that this correction is seen by the market as consolidation, not the start of a prolonged bear market.