Despite a prolonged downturn in Ethereum’s price and a sharp decline in its market dominance, whale investors are aggressively accumulating ETH—suggesting confidence in a potential reversal.
According to on-chain data, Ethereum’s dominance has fallen to just 8%, a historic low compared to its 20% share in June 2023. However, while Ethereum underperforms Bitcoin amid broader risk-asset sell-offs triggered by economic uncertainty and new tariffs, large-scale investors are using the dip as a buying opportunity.
Ethereum Price Slips, But Whales Are Buying the Dip
Ethereum (ETH) has declined by nearly 46% over the past year, underperforming Bitcoin as macroeconomic conditions remain turbulent. Tariff-related fears and ongoing market volatility have kept both equities and crypto assets under pressure.
Still, on-chain activity shows a different story. According to analytics platform IntoTheBlock, the number of large ETH transactions rose from 4,410 on April 2 to 4,610 on April 4. Over the past week, the daily average of large transactions has hovered around 5,500—a signal of growing institutional activity.
“A whale created a new wallet and spent $20.78M to buy 11,463 ETH at $1,813 in the past 6 hours,” posted Lookonchain on X.
One Whale Alone Has Acquired Over $65.5M in ETH
Further analysis from Lookonchain reveals that one whale has been consistently accumulating Ethereum since March 26, 2025. Key transactions include:
- March 29: Purchased 3,195 ETH for $5.97 million
- April 4: Acquired 4,100 ETH worth $7.32 million
- Latest Purchase: Bought 11,463 ETH for $20.78 million
This brings the whale’s total ETH accumulation to 33,441 ETH, purchased at an average price of $1,959—a total outlay of approximately $65.5 million.
The investor has strategically bought during Ethereum’s price weakness, with the latest acquisition at a lower average price of $1,785 per coin, indicating an effort to capitalize on recent market dips.
Market Outlook: Is a Rebound Coming?
While Ethereum’s current performance paints a bearish picture, historical patterns suggest that dips to 8% market dominance have often preceded price rebounds. Crypto analyst Rekt Capital has pointed out that ETH’s dominance typically recovers after reaching such low levels.
The upcoming Pectra upgrade, targeted for May 7, may also offer a potential catalyst for renewed interest in Ethereum, particularly as developers roll out key scalability improvements.
Final Thoughts
Ethereum may be down, but it’s not out—at least according to whale investors. With over $65 million in fresh accumulation and rising large-transaction volume, smart money appears to be betting on a comeback.
As Ethereum hovers below $2,000 and its dominance reaches historic lows, the current accumulation trend could signal a pivotal moment for the second-largest cryptocurrency.
