Ethereum whales are collecting more ETH despite price stagnation… is this the calm before the storm?

For several months, the price of Ethereum (ETH) has witnessed an incredible wave of accumulation by whales, which has gradually increased in intensity and volatility, although price movements have remained relatively limited.

The contrast between calm prices and heavy buying has brought the currency back into the spotlight.

The most recent example is that an OTC address named 0xFB7 purchased an additional 20,013 ETH in a matter of hours, worth approximately $59 million.

This trade is not an isolated case, but an extension of a clear pattern of large inflows into whale portfolios since November 2025, indicating confidence and systematic accumulation rather than short-term speculation.

What makes the situation even clearer is that the validator queue is almost empty, meaning validating participants are in no rush to exit or sell.

In other words, those who own Ethereum don’t seem to be in a rush to give it up, even if there’s a chance.

This behavior reduces structural selling pressure and reinforces the view of Ethereum as a long-term asset.

But the most important question is: Why is this happening now?

There are no major upgrade announcements or clear economic catalysts to explain the scale of this accumulation.

This ambiguity is striking in itself, as whales appear to be quietly establishing themselves without media hype.

Companies like Bitmine are among the active players, although there is no official explanation for their recent moves.

Historically, this behavior is often preceded by periods of intense volatility.

When an asset accumulates during a sideways price phase, supply decreases, and with a subsequent spark of demand, prices can fluctuate rapidly with an influx of late-stage buyers.

However, the warning remains:

Assembly alone is not enough.

Technically, Ethereum still faces resistance above and there is no clear price confirmation of its breakout yet.

But what’s happening behind the scenes shows that big companies are preparing for bigger things.

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