Shark Wallets Fuel ETH’s 2025 Rally as Price Targets $3,200 Reclamation
Whale-sized wallets aren't just holding—they're driving the bus. Ethereum's price action in 2025 hinges on a simple, powerful trend: accumulation by the big players.
The Accumulation Game
Forget retail sentiment. The real story unfolds in blockchain wallets holding significant ETH stacks. These entities—often funds, exchanges, or long-term believers—aren't reacting to daily volatility. They're executing a strategy. Their sustained buying creates a supply squeeze, propping up the floor even when the broader market wobbles.
Price Finds Its Footing
The push toward $3,200 isn't a speculative frenzy. It's a grind, supported by these deep-pocketed moves. Each major wallet purchase acts as a vote of confidence, a bet on Ethereum's underlying utility beyond the price chart. The network's activity—from DeFi to NFTs—provides the narrative, but the sharks provide the fuel.
A Cynical Take on the Rally
Of course, in crypto, every sustained uptrend eventually gets credited to 'smart money' and 'strong fundamentals'—right up until the next correction, when everyone suddenly remembers it's a market driven as much by greed and fear as by code. For now, the whales are eating, and the rest of the school is just trying to swim in the right direction.
ETH buying for treasuries has gone flat since October
During previous market rallies, buying from treasury companies added to the HYPE for ETH. Since October, those buyers have diminished, with only Bitmine (BMNR) making regular additions.
In the past 30 days, Bitmine was practically the sole DAT buyer, expanding its treasury by 9.8%. However, the past month saw a few other whales MOVE in, and treasury buyers only retained their holdings. Most companies now rely on staking rewards for a regular weekly passive income.
Despite the slowdown of the DAT narrative, ETH finds other factors for growth. At the same time, DAT company shares remain NEAR their lows, with mNAV ratios below 1. The low ratio signals a low enthusiasm for applying Strategy’s playbook to ETH.
ETH open interest keeps rising
ETH open interest kept rising, and is back to around $18B, up by $3B in the past week. After a period of relative calm and smaller long liquidations, traders started returning.
Based on the currently available liquidity, ETH may see a short squeeze to over $3,300. Long positions also established a support price for ETH at just above $3,000, where most of the liquidity is concentrated.
The derivative and perpetual futures market is becoming more important for ETH, after a brief switch to spot trading. However, derivative positions also inform spot buyers and accumulating wallets.
ETH is also showing a return to buying demand, as the taker buy/sell ratio rose, signaling a rush to buy at the current market price.
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