ETH Whales Buy $322m As Price Holds $2,300
Ethereum whales accumulated roughly $322M in ETH over 48 hours as price held above $2,300, while a record staking entry queue of 3.48M ETH points to long-term positioning across the market.
Whales Load Up as ETH Holds Key Support
Onchain data shows $ETH whales accumulated roughly $322 million worth of Ethereum in the past 48 hours, with price holding firmly above the $2,300 zone after briefly dipping to $2,260 mid-week. The buying activity points to deliberate accumulation by large holders at a level the market has treated as meaningful support.
The move is not isolated. According to Phemex, Ethereum's validator entry queue has climbed to 3.4 million ETH — up sharply from 904,000 ETH earlier in the year — reflecting strong long-term confidence in the network as corporations and exchanges choose staking over selling.
Staking Queue Signals a Supply Squeeze
The supply-side dynamics are among the most compelling seen in months. Onchain trackers show 3.48 million $ETH — worth approximately $8 billion — queued to enter staking, compared to just 441,000 queued to exit. That near-8x ratio between entry and exit demand is a clear signal that long-term holders are actively positioning, not distributing.
Adding to the picture, onchain monitoring data shows BitMine has been an active buyer, with Tom Lee's firm purchasing 20,000 $ETH as part of a broader 65,000 ETH wave of institutional accumulation in a single 24-hour window. That OTC absorption further tightens available supply on the open market.
As noted by Ainvest, low exchange reserves combined with rising whale address counts suggest $ETH is in a sustained mid-term accumulation phase. Analysts have previously observed that similar patterns — tightening staking queues, declining liquid supply, and institutional OTC buying — have historically preceded periods of price stability or upward movement.
Taken together, whale buys, BitMine's OTC absorption, and a staking queue running at an 8x entry-to-exit ratio paint the cleanest supply picture $ETH has seen in some time. The missing piece remains a clear demand catalyst to match the structural setup.
Sources:
Phemex — Ethereum Sees Whale Accumulation and Staking Surge
CoinGabbar — ETH Staking, Whale Activity and Price Moves
Ainvest — Ethereum On-Chain Staking Dynamics as a Bullish Indicator
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Author
Jon WangJon studied Philosophy at the University of Cambridge and has been researching cryptocurrency full-time since 2019. He started his career managing channels and creating content for Coin Bureau, before transitioning to investment research for venture capital funds, specializing in early-stage crypto investments. Jon has served on the committee for the Blockchain Society at the University of Cambridge and has studied nearly all areas of the blockchain industry, from early stage investments and altcoins, through to the macroeconomic factors influencing the sector.