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- Bitmine bought 252,441 ETH in just three days, boosting holdings to $8.84B.
- Ethereum ETFs faced $795M in outflows, their biggest loss to date.
- Analysts see Q4 as pivotal, with potential for a rally toward $10K.
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Ethereum’s price action may look choppy, but behind the scenes, whales are doubling down. Over the past three days, ETH treasury giant Bitmine scooped up 252,441 ETH, bringing its total holdings to more than 2.2 million ETH—an eye-watering $8.84 billion. The move underscores growing conviction among major players even as institutional products see steep redemptions.
THEY'RE COMING!!!
— Kyle Chassé / DD🐸 (@kyle_chasse) September 28, 2025
A whale bought $15M worth of $ETH.
Waves just keep coming this cycle. pic.twitter.com/g0K0OqT8Pv
Whales Keep Buying in Bulk
Bitmine isn’t the only one making waves. Another whale wallet, which sold ETH earlier this year around $2,251, has now re-entered at much higher levels. It recently purchased 1,501 ETH worth $6.17 million at $4,114 each, signaling confidence that Ethereum still has plenty of room to run.
These aggressive buys come at a time when market sentiment is mixed. While retail traders remain cautious, whale activity suggests that big money is positioning for a longer-term breakout.
ETF Products Face Heavy Outflows
In stark contrast, Ethereum ETFs just logged their worst weekly performance since launch, shedding $795 million in outflows. Assets under management have slipped back to $26 billion after briefly crossing $30 billion in early September. The divergence highlights a split in investor behavior: whales are accumulating while traditional finance vehicles face redemptions.
Can Q4 Deliver a Breakout?
Historically, Ethereum has delivered strong Q4 performances after healthy corrections. Analysts argue that ETH is simply consolidating after a 250% rally from its lows. If seasonal trends repeat, Ethereum could be gearing up for another explosive leg higher, with some projections pointing toward the $10,000 mark.
Also Read: Ethereum ETFs See $795M Outflows Amid ETH Price Volatility
For now, ETH trades around $4,100, with support at $4,000 acting as the key level to watch. A breakdown could trigger more short-term weakness, but holding above that threshold may set the stage for a steady climb into year’s end.
Ethereum’s whales are clearly betting big, even as ETF investors step back. If history is any guide, the final quarter of 2025 could prove pivotal, with the potential to redefine ETH’s trajectory.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
