 
 
Ethereum (ETH) whales are ramping up asset purchases with sights set on new price highs before the end of the year. This week, the asset supply on Binance dropped to multi-month lows, signaling investors backing self-custody. This suggests possible longer-term holdings, as opposed to flash sales, when whale funds are sent to centralized exchanges.
ETH Accumulation Spike Drives Expectations
Following the weekend red wave, altcoin traders look to bolster their portfolio at fair entry positions. This led to a flurry of purchases in the last two days, igniting a short-term recovery. A single whale scooped $92 million worth of ETH late Sunday night, while another bought over $50 million.
The string of purchases opened the door to new inflows this week. In the last 24 hours, a whale bought 26,199 ETH worth approximately $106.7 million. A report by analytics firm CryptoQuant also indicates a low Ethereum supply ratio on centralized exchanges. On Binance, the largest platform for trading the asset, the Ethereum supply ratio fell to 0.33, marking the lowest point in nearly eighteen months.
Historically, Binance supply has gauged the direction of ETH sentiment among retail traders. The swings recorded between 2018 and 2021 were largely due to correction waves and inflow to exchanges.
“This decline in the supply ratio suggests that Ethereum holders are withdrawing their assets from exchanges toward cold wallets or self-custody solutions, a behavior often interpreted as a bullish signal. When the supply available for trading on exchanges decreases, selling pressure is reduced, increasing the likelihood of a supply shortage if strong new demand emerges.”
 
Furthermore, institutional investors prefer to hold Ethereum outside of centralized exchanges due to staking and other factors. As expected, most analysts have pitched toward long-term price growth. Like Bitcoin, Ethereum has surged in recent months due to institutional accumulations. Corporate ETH treasuries have also driven this momentum as firms increase their crypto exposure.
Firms like SharpLink and BitMine have dominated the scene, fueling bullish interests. This week, BitMine added 200k ETH, taking its holdings above 2 million. The company plans to purchase 5% of Ethereum’s total supply, becoming an institutional crypto powerhouse.
Source: https://zycrypto.com/ethereum-whales-signal-heavy-accumulation-with-uptober-high-report/