Ethereum prices have experienced a notable resurgence, surpassing the $3,200 mark and reaching new all-time highs. This surge is attributed to increasing activity from “shark” wallets—those holding significant amounts of ETH—alongside accumulation in mid-range wallets. Despite a slowdown in whale buying, these shark wallets have emerged as key drivers for Ethereum’s market performance in the past year. |
The price rally has been bolstered by increased trading volume and derivative activity, particularly from wallets with 1,000 to 10,000 ETH. Santiment data highlights the substantial role of “shark” wallets throughout 2025.
Key factors contributing to Ethereum’s recovery include its status as a leader in DeFi and its increasing adoption by institutional investors for ETFs. The token is currently holding steady at $3,207.23, solidifying its position as the top gainer within the top 10 coins and tokens.
This price surge has driven confidence back into traders, evidenced by a significant increase in leverage on Binance platforms to an all-time high. This momentum is amplified by increasing accumulation in wallets with substantial ETH holdings, exceeding 25.9 million tokens sent to self-custodial wallet addresses since June.
While “shark” activity and institutional investors remain driving forces behind Ethereum’s growth, the buying behavior of traditional retail investors has slowed significantly since October. The absence of major buy orders from corporations like those who fueled previous market rallies has reduced their impact.
With a focus shifting to passive income through staking rewards, companies have largely abandoned ETH Treasury investments since October.
Despite a recent slowdown in the DAT narrative, Ethereum continues to benefit from positive market trends and is poised for further growth. Notably, Bitmine (BMNR) has been actively adding to its treasury since October, although other whales have also re-entered the market.
The rising ETH open interest signifies increased trading activity and confidence in the market. This surge has led to a rebound of long positions and increased buying demand, prompting a shift back towards spot trading with higher concentration of liquidity near the $3,000 level.
Ethereum’s rise is also supported by an increasing presence in derivative markets, particularly perpetual futures. The derivatives market informs both spot buyers and accumulating wallets, further driving Ethereum price movements.
Overall, the combination of active trading, accumulation strategies, and confidence from traders has propelled Ethereum prices to new highs. With a growing network effect and increased adoption, Ethereum’s potential for continued growth appears strong.