Ethereum has been the undisputed leader of the crypto market in recent weeks, driving momentum both in price action and underlying fundamentals. From topping open interest charts to leading in whale accumulation and network activity, ETH has consistently set the tone for broader market sentiment. Its role as the engine of capital rotation from Bitcoin to altcoins has only reinforced this dominance, making Ethereum the asset to watch as the market enters a new stage.

However, the recent retrace has introduced caution. After surging to new highs, ETH has pulled back to test lower demand levels, sparking fear among traders who worry that momentum may be fading. Despite this, on-chain data suggests that the fundamentals remain firmly intact.

Key insights from Lookonchain reveal that the Bitcoin OG who recently purchased 641,508 ETH, worth $2.94 billion, is back in action. After a brief pause, this whale has resumed accumulation, signaling confidence in Ethereum’s long-term trajectory. For many, such aggressive buying serves as a counterweight to the short-term volatility, highlighting how large players continue to see opportunity even as prices waver.

OG Whale Buying As Ethereum Holds Key Levels

According to Lookonchain, following a two-day break, the whale deposited 1,000 BTC (worth $108.27 million) to Hyperliquid, converting it into ETH spot. This latest move reinforces the trend of aggressive whale accumulation, a factor that continues to support the bullish outlook for Ethereum even as price action shows signs of weakness.

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Author: Sebastian Villafuerte