TL;DR
- Ethereum whales added 260,000 ETH in one day, raising holdings to nearly 29.6 million coins.
- Exchange outflows peaked at 2.8 million ETH mid-August, matching Ethereum’s surge from $3,600 to $4,800.
- Technical analysis suggests an expansion phase is confirmed with a projected target of over $7,000.
Whale Accumulation Surges
In a significant move, Ethereum whale wallets, specifically those holding between 10,000 and 100,000 ETH, have added approximately 260,000 tokens within the span of just 24 hours. This surge has brought their combined holdings to nearly 29.6 million ETH, according to data from analyst Ali Martinez.
260,000 Ethereum $ETH bought by whales in the last 24 hours! pic.twitter.com/cCB3GfbuLJ
— Ali (@ali_charts) September 2, 2025
The accumulation occurred while Ethereum traded within a relatively constrained range around $4,400. This notable increase in holdings represents one of the largest single-day additions observed in recent weeks, despite the market exhibiting minimal price movement.
In paralleling trends, August recorded multiple days with over 2 million ETH withdrawn from exchanges, peaking at 2.8 million ETH on August 14. This activity coincided with Ethereum’s price ascent from $3,600 to nearly $4,800, indicating a strong shift of assets from exchanges to private wallets.
Despite a slight reduction in exchange outflows, which fell below 500,000 ETH daily by early September, price stability has largely been maintained between $4,300 and $4,600.
Funding Rates Show Bullish Bias
Throughout August, funding rates across various exchanges remained predominantly positive, indicating that long positions were in favor, with traders willing to pay to maintain their bullish bets. Notably, spikes in funding rates frequently corresponded with price increases, including a significant rise in mid-August when ETH approached $4,800.
On September 2, funding rates reached close to 0.02, marking one of the highest points for the month while ETH stabilized around $4,300. The positive trajectory in funding rates suggests that leveraged traders are increasingly bullish; however, high funding levels could pose a risk of market corrections if long positions begin to unwind.
Technical Breakout and Expansion Phase
Insights from chart analysis provided by Merlijn The Trader indicate that Ethereum has successfully broken above a multi-year resistance line that had previously constrained price movements since 2021. This breakout is currently being retested as a support level.
Merlijn stated,
“Ethereum has entered the expansion phase… This isn’t resistance anymore. It’s the launchpad. $ETH $7,000+ is the play.”
The chart analysis illustrates that ETH has remained within both the upper resistance and lower support boundaries of a long-term channel, suggesting the commencement of a new upward cycle. Additionally, Ethereum’s price trajectory appears to align with global M2 liquidity trends, indicating that the prior accumulation zone below $2,750 may have concluded, thus heralding the beginning of a new bull run.
The insights and data presented reveal a promising outlook for Ethereum, with strategic accumulation by whales and bullish funding rates indicating potential for a significant rally ahead.
