Whales and Institutions Are Scooping Up ETH — Is a Rebound Imminent?

TradingKey – Institutions are aggressively buying Ethereum amid the dip, but a retest of $3,300 remains a risk.

On Saturday, October 11, Ethereum (ETH) saw a sharp selloff that triggered a wave of strategic accumulation. According to on-chain data from Lookonchain, two newly created wallets — believed to be linked to Bitmine — withdrew over 33,000 ETH from FalconX and Kraken. Additionally, a whale wallet starting with 0x8DF acquired more than 14,000 ETH via OTC transactions.

Bitmine is currently the largest institutional holder of Ethereum, having increased its holdings by over 30% in the past 30 days. It now holds 2.83 million ETH, far surpassing the second-largest holder, SharpLink Gaming, which holds 830,000 ETH.

Despite continued accumulation, ETH’s price action remains weak. Today, ETH plunged as much as 18%, bottoming near $3,500 before rebounding to $3,835. While short-term volatility may persist and a retest of $3,300 is possible, breaking below that support level is unlikely unless triggered by a major negative catalyst.

ETH Price Chart – Source: TradingView