With the crypto market recovering, Ethereum whales’ interest in ETH has surged notably. Especially since they appear to be seizing the market dip as an opportunity. Last week alone, ETH lost more than 40% of its value.
However, according to crypto transaction tracker Onchain Lens, crypto whales and institutions withdrew a massive 186,168 ETH worth approximately $280 million in just 24 hours. These withdrawals were recorded across multiple exchanges, including Kraken, Binance, Gate, and others. Withdrawal of tokens from exchanges typically suggests potential accumulation, as assets are moved from exchanges to private wallets.
Additionally, such large numbers often raise questions about whether these whales know something insiders do. Or whether this is simply an ideal buying opportunity. As expected, it also sparks speculation about whether the price will see a reversal from press time levels or not.
This accumulation trend can be further reinforced by the on-chain analytics tool CryptoQuant. At press time, it revealed a significant decline in Ethereum exchange reserves. According to the exchange reserve data over the last 24 hours, 219,203 ETH flew out of exchanges – Another indication of whale accumulation.
At the time of writing, ETH’s price had jumped by 4.5% in 24 hours, with the altcoin trading at $2,108. Despite the hike in price and potential whale accumulation, market participants remain hesitant to engage with the token though. This can be evidenced by the fact that trading volume declined by 35% to $34.35 billion. On the daily charts, ETH has been attempting to reclaim its key support at $2,180, which it lost on 05 February 2026 amid a broader market decline.
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