Ethereum Updates: Major Holders Accumulate $660M While Short-Term Traders Exit—Price Remains Flat

The largest Ethereum investors are steadily increasing their holdings, hinting at possible market changes even as short-term trends remain uncertain. Blockchain data shows that from October 21 to October 23,

whales accumulated 170,000 ETH—worth about $660 million at current market rates—making it one of the most significant two-day buying sprees this month, according to . In contrast, short-term investors have been selling, resulting in a standoff that has kept ETH trading sideways around $3,875, the report notes.

This accumulation pattern is not limited to Ethereum. One major investor moved 8,491 ETH (valued at $32.47 million) from OKX to a fresh wallet, while another wallet collected 62,207

(LINK) tokens, totaling $19 million, as reported by . These transactions have fueled optimism for both cryptocurrencies, with LINK climbing from $16.9 to $17.6 in less than half a day. Experts highlight that Ethereum’s price chart remains technically strong, showing a bullish divergence on the daily timeframe as the Relative Strength Index (RSI) forms higher lows despite falling prices, according to the earlier Yahoo Finance article. The asset is also consolidating within an upward triangle formation, with major resistance levels at $3,989 and $4,137, the report adds.

Interest from institutions in Ethereum seems to be on the rise. A recently established wallet acquired $32 million worth of ETH from OKX, a move linked to increased digital asset treasury inflows and greater institutional liquidity, according to

. This stands in contrast to and , where large holders are either selling or reallocating their assets. For example, one whale shifted $18.5 million from Solana (SOL) into Ethereum, indicating a preference for Ethereum’s more stable ecosystem, as reported by . Meanwhile, a Bitcoin whale closed a $200 million short position, earning $6.4 million in gains as BTC bounced back to $110,500, according to .

Despite these positive signals, overall market sentiment remains fragile. Short-term traders continue to sell during price rallies, with the share of ETH held by 24-hour holders dropping from 0.887% to 0.48% since mid-October, as previously reported by Yahoo Finance. This persistent skepticism among retail investors may postpone a decisive breakout for Ethereum. Furthermore, while technical indicators for ETH are encouraging, the asset faces psychological resistance at the $4,000 mark—whether it can break through this level will be key to testing previous highs, as noted in Yahoo Finance’s coverage of LINK and ETH.

Experts are divided in their outlook. CryptoRus, a well-known on-chain analyst, draws comparisons between current whale activity and the bullish phases of 2017 and 2021, suggesting that 2025 might follow a similar pattern, according to BeInCrypto. On the other hand, Johnny

cautions that most altcoins, apart from Bitcoin and Ethereum, are showing sell signals, which casts doubt on the likelihood of an imminent "altseason," as mentioned in the same BeInCrypto article.