The crypto market is getting a harsh reminder of how global politics can affect financial markets.
U.S. President Trump’s recent tariff actions, including tensions linked to Greenland, have pushed investors into a clear risk-off mode.
As a result, the total crypto market value had fallen to around $3 trillion at press time, per CoinMarketCap data. Additionally, the Fear & Greed Index dropped to 32, showing growing caution across the market.
Ethereum [ETH] has not been immune to this pressure. Its price has slipped to about $2,964.
However, something unusual is happening beneath the surface. While prices are falling, activity on the Ethereum network remains strong.
This suggests some investors are starting to separate Ethereum’s role as long-term infrastructure from short-term price swings.
Whales step in around $3,000
Retail investors appear to be selling, but large players are doing the opposite. On-chain data from Lookonchain shows that major investors are aggressively buying Ethereum around current price levels.
Many see the $2,900-$3,000 range as a buying opportunity rather than a danger zone.
One of the biggest moves came from Trend Research, a large institutional player. The firm borrowed $70 million in USDT from Aave and used it to buy 24,555 ETH, worth about $75.5 million.
With this move, Trend Research now holds more than 651,000 ETH, valued at roughly $1.9 billion. This massive position acts as a psychological support level for the market, often referred to as a buy wall.
OTC buying reduces sell pressure
That being said, Trend Research is not alone.
Another large investor was recently seen buying 20,000 ETH, worth nearly $59 million, through over-the-counter (OTC) desks such as FalconX and Wintermute.
Buying through OTC desks matters because it does not immediately affect exchange prices.
Once these ETH tokens move into private wallets or are locked in DeFi platforms like Aave, they are effectively removed from the open market.
This reduces the amount of ETH available for selling.
When demand returns, a lower supply can lead to sharp price increases, often leading to a supply shock.
The risk of leverage
However, there is a downside to this strategy. Trend Research is using borrowed funds to buy ETH.
This means its position depends on Ethereum staying above certain price levels. If ETH falls into the $2,500-$2,600 range, these positions could face liquidation.
Forced selling by large players could trigger a rapid decline in price, where buyers are forced to sell into a falling market.
Network activity is not what it seems
This coincided with AMBCrypto’s recent analysis of Ethereum’s network activity, which looked strong at first glance. New addresses were up 2.7 times, and weekly transactions have hit a record 17.1 million.
But research shows that about 80% of this growth is artificial. Much of the activity comes from an increase in address poisoning attacks.
Thus, while Ethereum’s outlook for 2026 remains uncertain, underlying metrics point to a possible shift back in favor of bulls.
