Ethereum’s price has been quiet, hovering near $3,875, down 3.7% this week and showing little follow-through after last week’s selloff. Yet behind the calm, some of the biggest wallets have started buying again.
Roughly $660 million in whale accumulation has rekindled optimism that ETH might be setting up for a rebound — but not everyone is convinced.
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Whales Are Buying, But Short-Term Holders Keep Selling
On-chain data shows that between October 21 and October 23, Ethereum whales added roughly 170,000 ETH, lifting their collective stash from 100.30 million to 100.47 million ETH. At the current Ethereum price, that’s about $660 million worth of new accumulation — one of the biggest 48-hour whale upticks this month.
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But while large wallets have stepped in, short-term holders have been heading the other way. According to HODL Waves, which shows how long different groups of wallets hold their coins, three fast-moving cohorts have all reduced their share of supply since mid-October:
- 24-hour holders: down from 0.887% to 0.48%
- 1-day–1-week holders: down from 2.22% to 2.01%
- 1 week–1 month holders: down from 8.79% to 7.79%
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Author: Ananda Banerjee
