Ethereum Whales Add Nearly $500 million Worth of ETH in Fresh Accumulation as Spot ETF Outflows Hit $107M

• Ethereum whales have added over $500 million worth of ETH as ETH prices remain underwater.

• Ethereum Spot ETFs have recorded $107 million in outflows with no fund of the nine funds recording inflow.

Ethereum Whale Accumulation Surges

Ethereum whales are aggressively increasing their holdings, defying broader market weakness. One whale, previously known for borrowing 66,000 ETH, added another 30,549 ETH from Binance worth approximately $105.36 million.

This whale had previously added 60,000 ETH worth $213 million. This addresses now collectively hold 385,713 ETH valued at around $1.33 billion, reinforcing their strong conviction in Ethereum’s long-term trajectory.

A separate update revealed another sizable withdrawal of 28,262 ETH from Binance, totaling $98.59 million. Additionally, a newly created wallet received 24,007 ETH, valued at $82.04 million, from Galaxy Digital.

The address is believed to be associated with Bitmine, suggesting potential institutional or corporate allocation rather than speculative positioning. The wave of large transfers into private wallets indicates rising interest from major players and structured entities positioning for future upside.

Spot ETF Flow Shows Divergence

Despite accumulation activity on-chain, capital flows in Ethereum investment products remain negative. On November 11 (ET), U.S. Ethereum spot ETFs recorded net outflows totaling $107 million, with none among the nine listed funds registering any inflows. The absence of ETF demand underscores subdued institutional momentum in publicly traded ETH products during this period.

The picture contrasts sharply with Bitcoin, which saw $524 million in net inflows led by BlackRock’s IBIT capturing $224 million alone. Solana also demonstrated strength, securing nearly $8 million in net inflows, marking an eleventh consecutive day of positive capital movement. While ETF behavior does not dictate core value, sustained outflows suggest moderated sentiment and reduced appetite for short-term ETH exposure.

Market Conditions Reflect Caution

At publication, Ethereum trades near $3,483, down roughly 2.87% over 24 hours. Across derivatives markets, open interest has declined by 3.23% to $39.4 billion, while overall derivatives volume has slipped 5.58% to $76.79 billion. The long/short ratio stands at 0.956, indicating slightly more short exposure relative to longs and signaling balanced but cautious trading conditions.

Spot market volume has also declined by 9% to $33 billion, reinforcing the ongoing cooling in exchange activity. The slowdown across metrics illustrates reduced speculative momentum as traders await fresh catalysts or greater clarity following ETF-driven outflows.

Whale Behavior Signals Strategic Confidence

The heavy accumulation by large wallets stands in stark contrast to broader market softness, suggesting major holders are willing to buy into price weakness. While short-term sentiment across derivatives and ETFs appears fragile, whale positioning may reflect long-term expectations tied to Ethereum’s roadmap and emerging institutional infrastructure.

Historically, large accumulation during declining or consolidating periods has often preceded market recoveries, though it does not guarantee upside. Nonetheless, the scale of recent transfers underscores confidence among deep-pocketed participants even as retail and institutional flows show hesitation.

Outlook for ETH Ahead

Ethereum’s near-term direction appears shaped by competing forces. Whale accumulation points to quiet confidence, while ETF outflows, lower liquidity, and reduced leverage underscore caution.

Should buyer strength broaden beyond whales into ETFs and spot inflows, market conditions may stabilize. Until then, Ethereum remains in a consolidation environment defined by strategic buying against weakening speculative appetite.