Ethereum Whales Acquire $350M in ETH Ahead of December Fusaka Upgrade
On-chain activity shows major Ethereum holders bought about $350 million in ETH even as prices trended lower, concentrating balances in large wallets and reducing supply on exchanges. That accumulation came in the run-up to the planned December Fusaka upgrade, and market watchers are interpreting the flows as a vote of confidence by sophisticated players. Why it matters: whale buying can tighten available float and provide support if retail demand returns, while the Fusaka upgrade could be a catalyst for renewed interest if it delivers promised protocol improvements. Traders should still weigh macro risk and volatility — heavy accumulation by whales doesn’t guarantee immediate price upside, but it does shift the short-term supply dynamics heading into the upgrade.