Whales Go Wild: Hundreds of Millions Flood Into ETH

Ethereum (ETH)’s biggest buyers are acting like the bull run is fully on, and they’re doing it in droves. In the past few days, several different whales have shoveled massive amounts of ETH on-chain, signaling one of the strongest high-conviction accumulation waves the market has seen in recent times.

The star of the show is BitcoinOG (1011short), who has turned their ETH long position into something almost mythological. Instead of taking profits after Ethereum’s rally, they doubled, tripled, and now quadrupled down, pushing their position to 120,094 ETH ($392.5M), with more than $10.8M in unrealized gains and a liquidation level sitting at $2,234.69.

At the same time, Fundstrat’s Tom Lee just fired off another monster buy of 33,504 ETH ($112M) via Bitmine within six hours. The timing matches the surge in whale accumulation seen across multiple exchanges and bridges, also suggesting institutional desks may be repositioning ahead of a macro catalyst.

Third Whale Makes a Bold Rotation from BTC

Meanwhile, the most dramatic move may be the multi-day swap executed quietly through THORChain and Polygon bridges. Specifically, over 16 days, a deep-pocketed whale has exchanged 1,466 BTC (worth around $132M) for 43,649 ETH (about $139M), as per data shared by cryptocurrency analytics platform Lookonchain on December 11.

Indeed, the whale executed these structured flows with intent and scale in dozens of swaps across multiple ecosystems, each pointing to the same conclusion: large money is reallocating away from Bitcoin and into Ethereum.

On-chain data reveals steady inbound ETH transfers into the whale’s wallet matched by equivalent BTC outflows, with transaction patterns characteristic of deliberate portfolio rebalancing rather than speculation.

At the moment, Ethereum is trading at $3,196.30, down 3.55% on the day, up 0.26% across the week, and declining 10.23% on its monthly chart, according to the most recent price information.

Together, these three stories illustrate a clear shift in behavior, where whales aren’t waiting for ETH to confirm a breakout, but they’re buying the breakout before it happens.

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