Ethereum Whales Are Back – And They’re Not Subtle

Large Ethereum (ETH) accumulation appears to be accelerating as on-chain data shows whales like Tom Lee’s Bitmine buying tens of millions of dollars worth of ETH in a short time window, adding to a growing narrative of institutional positioning ahead of potential market catalysts.

Blockchain analytics shared by Lookonchain in an X post on December 23 indicate that Bitmine, a cryptocurrency-focused entity linked to Tom Lee, acquired 29,463 ETH worth roughly $88.1 million through transactions involving BitGo and Kraken hot wallets.

On-Chain Data Shows Repeated ETH Accumulation

Transaction records show multiple large ETH transfers from BitGo and Kraken wallets into addresses associated with Bitmine, including a single transfer exceeding 11,000 ETH ($33M), followed by additional sizable inflows within hours.

Rather than a one-off purchase, the pattern suggests methodical accumulation, a behavior often associated with longer-term positioning rather than short-term speculation. The use of major custodians and exchanges also points to institutional-grade execution rather than retail activity.

Why Tom Lee’s ETH Moves Matter

Tom Lee, co-founder of Fundstrat Global Advisors, has long been one of crypto’s most visible market strategists. While he is best known for his Bitcoin (BTC) outlooks, recent Ethereum-focused accumulation adds weight to the idea that ETH may be entering a renewed accumulation phase.

Large buys at this scale tend to tighten available supply, especially if the assets are moved into custody rather than left on exchanges. Historically, similar whale-drive accumulation phases have preceded periods of increased volatility, not always immediately upward, but often signaling that smart capital is positioning ahead of broader market moves.

Elsewhere, Ethereum was at press time trading at $2,959.10, down 3.11% in the last 24 hours, gaining 0.07% across the previous seven days, and accumulating an increase of 4.16% on its monthly chart.

What This Could Signal For Ethereum

While whale accumulation doesn’t guarantee price appreciation, it often reflects asymmetric conviction – buyers willing to absorb liquidity without immediate confirmation from price action.

With ETH facing a mix of macro uncertainty, ETF-related speculation, and shifting risk sentiment across markets, Bitmine’s aggressive buying adds another data point suggesting that some institutional players see current levels as strategically attractive.

Time will tell whether this translates into a near-term breakout or longer-term positioning. But on-chain footprints like this rarely go ignored for long.

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