Ethereum exchange reserves hit multi-year lows, signaling growing scarcity.
Ethereum whales have quietly launched their most aggressive buying spree in years. Data from Glassnode and Lookonchain shows that wallets holding between 1,000 and 10,000 ETH added 818,410 ETH worth $2.5 billion in just four months, effectively doubling their holdings. This is the largest accumulation campaign since the 2018 bear market bottom.
Not only mid-tier wallets but also mega-whale wallets holding over 10,000 ETH have grown to ~1,200 addresses, a level not seen since the 2021 bull run. This suggests long-term investors and institutions are preparing for a new phase of growth.
On-chain data shows Ethereum exchange reserves have fallen to their lowest level in years, creating what experts call a real supply shock. With fewer coins available on exchanges and steady buying pressure from whales and institutions, scarcity is building into the market.
The trend mirrors the 2018 cycle, when Ethereum whales heavily accumulated at the market bottom. That phase preceded ETH’s meteoric rise from $80 to $4,800. Current behavior suggests whales are once again betting on a similar outcome.
Ethereum ETFs have already recorded over $1 billion in net inflows, confirming growing institutional interest. Combined with whale buying, regulatory clarity, and Ethereum’s fundamentals, the setup points toward major price discovery.
Ethereum is currently priced around $4,410, just 9% below its all-time high. Analysts suggest that if whale activity follows the 2018 pattern, ETH could surge into five-digit territory, with Tom Lee predicting the ETH Price to range between $15,000 and $25,000 by 2025.
Ethereum whales and institutions are accumulating at their fastest pace since 2018. With exchange reserves shrinking and demand surging, the stage may be set for an explosive rally similar to past cycles.
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