The crypto market is at half mast, and even Ethereum, the world's second largest crypto, is not immune. For several weeks, ETH has been teetering below $3,600, in a sea choppy by macroeconomics and regulatory doubts. However, a discreet but powerful signal resurfaces: the bigwigs are getting active. While the small porters sell, the whales fill their pockets. And the Fusaka update, due in December, seems to be the catalyst.
In brief
- Wallets with 10,000 ETH or more have increased their stock by 52% recently.
- Small carriers reduce their exposure while whales accumulate at low prices.
- The Fusaka update could boost scalability while lowering network costs.
- Macro stability favors a possible local bottom around $3,200 for Ethereum.
When big wallets play the game: discreet accumulation for a return of ETH
Since the end of April, addresses holding between 10,000 and 100,000 ETH have accumulated nearly 7.6 million additional tokens, a 52% increase in their balance. These “whales”, often heralding fundamental movements in the crypto market, seem to anticipate a reversal.
ShayanMarkets, analyst at CryptoQuant, confirms this trend
:
If this behavior persists and the $3,000-$3,400 area holds as structural support, Ethereum could enter a low-volatility accumulation phase, setting up a possible final bullish impulse towards the $4,500-$4,800 high range.
At the same time, retail wallets (100-1,000 ETH) reduced their positions by 16%. This silent transfer to big hands is reminiscent of the end of bearish cycles. Other cryptos like Bitcoin are following the same trajectory, but Ethereum is capturing particular attention. Its relative stability against BTC, combined with a resurgence of transactions since September, reinforces the idea of a solid base around $3,200.
Crypto and Ethereum: Fusaka, the update that can shake up everything
On December 3, Ethereum will activate the Fusaka update. This technical step provides several improvements for the Ethereum ecosystem, including the famous “blob lanes” which will allow layer 2 solutions to access dedicated data lanes. The issue? Speed up transactions, reduce fees, and unclog the main chain.
But this promise of scalability comes with a side effect: fewer fees = fewer tokens burned. Clearly, if L2s pay less to use Ethereum, the quantity of ETH destroyed decreases, which could weigh on the deflationary dynamics of the network. Shawn Young, analyst at MEXC, note:
This update is important because the next phase of Ethereum adoption will come from real-world applications and DeFi protocols, all of which depend on faster and cheaper transactions.
It remains to be seen whether this technical dynamic will compensate for the drop in revenue for validators. In any case, the whales seem to believe it.
Between macro, regulation and the hunt for tokens: when traditional finance returns to the table
The crypto industry remains hanging on several external factors. On the one hand, the global macroeconomic situation appears to be stabilizing. On the other hand, discussions around a clearer legal framework in the United States are resurfacing with the possible end of the government shutdown.
Lai Yuen, analyst at Fisher8 Capital, highlights:
The accumulation of whales is consistent, and we observe the same thing for Bitcoin, with new participants coming to absorb the selling pressure of the old ones, convinced of the four-year cycle… If macroeconomic conditions remain favorable, the chances of this zone marking a local low point are high for Ethereum at $3,200 and for Bitcoin at $98,000.
Asset tokenization, pushed by large banks, could also accelerate the adoption of Ethereum. The mechanics start up again. And the big jets aren't there for nothing.
5 Key Markers to Watch in the Ethereum Ecosystem
- The price of ETH at the time of writing: $3,549.30;
- Accumulation of whales: +52% since April;
- Reduction in retail portfolios: –16%;
- Fusaka update date: December 3, 2025;
- Current support level observed: between $3,000 and $3,400.
Recently, another positive signal has been added: transaction fees on Ethereum have fallen to 0.067 gwei. This drastic drop promises a smoother and less expensive experience for all users, further strengthening the network's appeal. Perhaps this is where the real silent revolution of Ethereum begins.
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