Whale Dumps 686 BTC for $65M Ethereum Bet

Ethereum network activity surges as major whale converts Bitcoin holdings into ETH while staking hits record highs, signaling institutional confidence despite price consolidation around $3,350.

A crypto whale has converted 686 Bitcoin into $64.57 million worth of Ethereum this week, marking one of the largest cross-asset accumulation moves in recent months. The strategic shift comes as on-chain data reveals fresh wallet addresses flooding the network.

According to TedPillows on X, a whale sold 404 BTC to buy $37,940,000 in ETH today. This week, the whale has sold 686 BTC to buy $64,570,000 in Ethereum.

The whale's aggressive accumulation continues a pattern of Bitcoin-to-Ethereum conversions. Just today, the same entity offloaded an additional 404 BTC worth $37.94 million to secure more ETH positions.

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First-Time Wallets Flood Ethereum Network

On-chain metrics show unprecedented growth in new network participants. Month-over-month activity retention data indicates a sharp spike in addresses interacting with Ethereum for the first time.

According to glassnode on X, Ethereum's Month-over-Month Activity Retention shows a sharp spike in the "New" cohort, indicating a surge in first-time interacting addresses over the past 30 days. This reflects a notable influx of new wallets engaging with the Ethereum network.

The data suggests fresh capital entering the ecosystem rather than existing holders recycling positions. New wallet creation accelerated over the past 30 days, diverging from typical retention patterns where veteran addresses dominate activity.

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Ethereum staking reached new all-time highs this week, with validators locking up record amounts of ETH. The staking milestone coincides with the whale accumulation phase, suggesting coordinated confidence among large holders.

According to cryptorover on X, ETH staking hits new all-time highs. Validators are confident Ethereum is going to push higher soon.

The combination of record staking and whale buying pressure creates supply-side constraints. With more ETH locked in staking contracts and major players converting BTC holdings, circulating supply available for trading continues shrinking.

Price Action Tests Critical Resistance Zone

Ethereum trades around $3,350 as bulls attempt to reclaim the $3,400 resistance level. The asset has demonstrated resilience despite Bitcoin's correction, holding support levels while larger-cap assets face selling pressure.

According to TedPillows on X, ETH is still trying to reclaim the $3,350-$3,400 level. The good thing is that Ethereum is holding well, despite BTC correction. If ETH breaks above the $3,400 level from here with strong volume, we could see a 10%-15% weekly candle for ETH.

Technical analysts point to volume as the key catalyst for a breakout. A confirmed move above $3,400 with sustained buying could trigger a 10-15% rally on the weekly timeframe.

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The convergence of whale accumulation, record staking participation, and new user onboarding creates a bullish setup for Ethereum. Supply dynamics favor upward pressure as more ETH exits circulation through staking mechanisms while institutional players rotate capital from Bitcoin into ETH positions.

Network fundamentals strengthen alongside price consolidation. The influx of first-time addresses indicates growing mainstream adoption, while whale activity suggests sophisticated investors position for the next leg higher.

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Price action remains range-bound between $3,200 and $3,400 as traders monitor volume patterns for directional clues. The $3,400 resistance level represents the final barrier before Ethereum can target higher price zones in the near term.