Major Ethereum Holders Accumulate Assets Amid Signals of V-Shaped Price Recovery

Over the last ten days, the Ethereum market has witnessed substantial capital consolidation driven by large investors, commonly known as “whales,” and major corporate entities. This surge in accumulation coincides with technical indicators suggesting a potential price rebound. Data compiled on November 13, 2025, revealed that one anonymous whale dramatically increased their holdings by over 350,000 ETH, an acquisition valued at approximately $1.38 billion USD. This move demonstrates a high degree of confidence in the asset’s long-term prospects, occurring as the price of Ethereum retests a critical technical threshold: the 100-day Simple Moving Average (SMA), currently situated at $3,450. This price action is forming a pattern indicative of a potential V-shaped recovery.

A closer look at the accumulation strategy reveals a sophisticated approach utilizing decentralized finance (DeFi) protocols. The aforementioned large holder meticulously structured their purchases: $563.9 million was allocated to spot assets, while an additional $818.7 million was secured through a leveraged loan position established on the AAVE platform. Furthermore, this same participant borrowed $270 million in stablecoins from AAVE, a tactic analysts believe is designed to further scale up their ETH exposure.

In parallel with the maneuvers of anonymous investors, corporate giant BitMine, which stood as the largest corporate holder of ETH as of November 10, 2025, continued its expansion spree. BitMine added 110,288 ETH during the previous week, bringing its total asset base to 3.5 million ETH, which was then valued at roughly $12.5 billion. Tom Lee, Chairman of BitMine, has previously stated the company’s ambitious goal to acquire 5% of the total ETH supply. Current purchases, which represent 2.9% of the supply, show the company is more than halfway toward achieving that target.

A second significant holder also showed signs of employing leverage to amplify their position. This entity deposited 83,816 ETH (valued at about $288.6 million) onto AAVE and subsequently borrowed $122.89 million in stablecoins. This coordinated activity, encompassing both direct spot purchases and the strategic use of leverage via DeFi protocols, strongly suggests that major players are highly convinced of Ethereum’s imminent value growth, despite any short-term market volatility.

As of November 13, 2025, Ethereum’s price hovered around $3,450, having hit an intraday high of $3,556.04. Technical analysis focusing on the retest of the 100-day SMA at $3,450 provides the foundation for the V-shaped recovery forecast. The target “neckline” for this pattern is set at $4,172, implying a substantial 21% increase from the current price level. Based on this data and metrics such as exchange reserves dropping to levels last seen in 2016, analysts are projecting that ETH could reach $4,000 before the start of December.

While institutional flows, such as those tracked through ETFs, registered an outflow of $183.77 million on November 12, the decisive actions taken by the whales and BitMine create a notable divergence. This signals that large, long-term investors view the recent price dip not as a warning sign, but rather as a strategic entry point. The overall magnitude of these movements is underscored by the estimated $200 billion size of the tokenized Ethereum economy, highlighting the macro significance of this sustained accumulation.