Ethereum Whales Accumulate as Supply Drops, Eyeing $6.5K Rally

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• Exchange ETH supply continues to drop as whales accumulate.
  
• Rising open interest with flat funding signals controlled buildup.
  
• Price consolidation may precede a move toward $6,500.

Ethereum’s recent market behavior suggests that big players are getting ahead of the crowd. Exchange data shows a steady decline in ETH supply, while on-chain trackers like Santiment and CryptoQuant confirm that large holders are becoming active again. This shift points toward quiet accumulation, not hype-driven trading.

Despite price hesitation near $3,900, Ethereum’s broader structure looks constructive. The open interest (OI) across major exchanges has climbed to $19.9 billion, even as funding rates remain neutral. That combination typically signals calm, calculated positioning — not the kind of overleveraged frenzy that precedes short-term tops.

Whales Withdraw ETH, Supply Tightens

Exchange netflows have stayed negative through late October, meaning more ETH is leaving trading platforms than entering. These withdrawals often indicate that investors are moving assets into long-term storage or staking, effectively reducing liquid supply.

At the same time, whale transaction counts are rising again, showing that high-value transfers are picking up. This kind of behavior — rising whale activity alongside falling supply — usually precedes structural price shifts rather than speculative spikes.

Calm Before the Breakout?

Technically, Ethereum still faces resistance. The price rejection near $3,900 pushed RSI down to the high-30s, and MACD remains below its signal line, hinting that short-term momentum is cooling. However, volume has stayed low during this pullback — suggesting consolidation, not capitulation.

Also Read: Ethereum Derivatives Surge $560B: ETH Bulls Eye $4,800 Rally

As long as ETH holds above $3,500, the broader trend of accumulation remains intact. If current positioning continues, a gradual climb toward $6,200–$6,500 looks increasingly realistic heading into mid-Q4. The data doesn’t confirm a breakout yet — but it shows that the market’s smartest hands are already preparing for one.

Ethereum’s setup shows quiet strength beneath the surface. Whales are accumulating, supply is tightening, and leverage remains controlled. Retail traders may not see it yet — but the groundwork for ETH’s next major move could already be forming.

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.