• Whale acquires $110 million in ETH and BTC through Wintermute OTC, signaling quiet accumulation underway.
• Ethereum whale holdings remain stable, with large transactions rising, indicating growing institutional confidence.

Something big just stirred beneath the surface.

While the market chops sideways and sentiment hangs in limbo, one Ethereum [ETH] whale just made a $110 million move — quietly scooping up ETH and Bitcoin [BTC] in a pair of OTC trades with Wintermute.

It’s the kind of play that seasoned traders recognize: smart money might be accumulating.

Whales are accumulating

On-chain data reveals a significant Ethereum whale transaction, involving the OTC purchase of 30,000 ETH ($54 million) through Wintermute.

The deal was executed via two USDC transfers totaling over $110 million, routed to Wintermute’s OTC wallet. Shortly after, the whale wallet received the full crypto assets.

While the broader market remains cautious, this move underscores growing conviction among high-net-worth investors. Such quiet accumulation, though not always headline-worthy, often precedes major price action.

What insight might this whale have that the rest of the market lacks?

Whale holdings remain steady

Supporting this narrative, broader Ethereum whale activity has remained relatively stable over the past week.

Data from Santiment shows that the number of wallets holding between 1,000 and 100,000 ETH has largely held its ground, even as ETH prices climbed from the $1.5K range to around $1.7K.

Meanwhile, whale transaction counts have risen sharply since April 21st, coinciding with ETH’s breakout.

This steady base of whale holders, combined with a recent uptick in large transactions, hints at growing institutional confidence rather than speculation.

Ethereum’s price outlook

Ethereum’s recent breakout above $1,750 appears to be holding, with the asset trading near $1,800 at press time.

The RSI on the daily chart remained neutral at around 55, suggesting there’s room for further upside without immediate overbought pressure.

Meanwhile, the MACD continued to flash a bullish crossover, with the MACD line staying comfortably above the signal line, showing strengthening positive momentum.

With steady whale accumulation in the backdrop, ETH could target the $1,850-$1,900 zone next, provided broader market conditions remain stable.

A clean break above $1,900 could open the door toward $2,000 in the coming sessions.