Ethereum whales continue to rake in billions, with analysts reporting record highs.

Ethereum surpasses $4.000 as whales and institutions accumulate millions in ETH. Analysts project all-time highs and warn of volatility in 2026. Is a new bullish cycle on the horizon?

Since July, Ethereum has been the subject of systematic accumulation by large entities operating in both the visible and over-the-counter markets. BitMine Immersion Technologies leads this trend with over 833.000 ETH in its possession, representing a significant portion of the cryptocurrency's total supply. 

This company has stated that its goal is to reach 5% of the total circulating Ethereum, revealing a long-term strategy that goes beyond simple market speculation. Sharplink Gaming and The Ether Machine follow BitMine. Both companies have also strengthened their positions, with over 520.000 and 345.000 ETH respectively, consolidating a corporate block that acts as a market stabilizer.

Institutional accumulation of Ethereum grows

The massive demand seen in Ethereum not only reflects institutional confidence, but also a reconfiguration of the cryptocurrency's holding profile. 

On the one hand, traditional crypto market whales, many of them anonymous, are being complemented by these corporate players with more visible financial structures and defined strategic objectives. On the other hand, this massive accumulation of ETH has coincided with an increase in OTC volume, where platforms like Galaxy Digital have facilitated transfers exceeding 850.000 ETH, equivalent to more than $3.000 billion USD. For experts, these operations, outside the reach of public exchanges, indicate meticulous planning aimed at avoiding immediate impacts on the Ethereum price while consolidating positions.

This concentration of ETH in institutional hands is transforming market dynamics, making Ethereum no longer just a speculative asset, but an increasingly solid strategic reserve, responding to corporate, technological, and financial interests. 

On the eve of a major push, according to experts

Since Ethereum recently broke through the $4.000 barrier, its technical behavior has shown a reaccumulation phase, meaning that while the price has remained relatively stable within a defined range, it does not reflect weakness but rather a consolidation that paves the way for a possible new bullish push.

Sebastián Merlijn, a technical analyst with more than seven years of experience, has identified an ascending channel that previously guided ETH's movement from $100 to that original big jump to $4.000 in 2021. Now, according to its projections, the cryptocurrency could reach $20.000 from its current levels if it breaks the channel's ceiling, a possibility that gains strength as the RSI resets and volume concentrates in key areas.

For his part, Michaël van de Poppe, another benchmark of technical analysis in the crypto market, has indicated The range between $3.800 and $4.000 is decisive. In his view, Ethereum is "preparing for a major breakout toward the ATH," although he warns that buying at highs can be risky. His recommendation is to adopt a more conservative, sustained-yield strategy. Van de Poppe emphasizes the importance of avoiding impulsive decisions and also observes the activity of the market's large whales, whose behavior often provides clues to future movements.

Additionally, the current market structure shows a silent accumulation, with large volumes moving off traditional exchanges. This OTC activity, combined with technical consolidation, suggests that ETH's rally could be in the making. Momentum is solidifying, and technical indicators show favorable conditions for a breakout. However, analysts agree that risk management will be key, especially if the price reaches levels that have historically preceded abrupt corrections.

Ethereum gains ground against Bitcoin

Institutional accumulation of Ethereum has had a notable side effect: ETH's dominance in the total cryptocurrency market capitalization has increased, while Bitcoin has lost ground. On several recent days, BTC's dominance has fallen below 60%, a figure that marks a structural shift in the perception of crypto leadership. Ethereum, with its ability to execute smart contracts, its central role in the DeFi ecosystem and its growing institutional adoption, is gaining prominence as a benchmark asset. 

Ethereum is currently trading at around $4.200 and maintains a market capitalization of over $516.000 billion. Its dominance in the crypto market is 12,9%, according to data from CoinGecko.

This growth in crypto market dominance shows that Ethereum is being repositioned as the engine of innovation, while Bitcoin maintains its role as a store of value. The difference, according to experts, lies in utility, as Ethereum offers an infrastructure that allows for building applications, issuing assets, and executing complex transactions, making it a more versatile tool for corporations, developers, and financial platforms. This functionality, combined with institutional accumulation, is redefining the influence map in the digital ecosystem.

Likewise, Ethereum's rise in dominance has also been driven by capital migration from other altcoins. Investors who previously diversified across multiple assets are concentrating their positions in ETH, attracted by its relative stability and bullish analyst projections.

Expert Outlook for 2026

Although the enthusiasm for Ethereum is palpable, experts also warn that the crypto market remains volatile and susceptible to potential corrections. Therefore, the possibility of a pullback in 2026 is not ruled out, especially if the ETH price reaches levels that exceed current projections. 

Similarly, while institutional accumulation provides stability, it also introduces new risks, especially if large entities accumulating ETH now decide to take profits or rebalance their portfolios in the future. This could have a significant impact on ETH's price. 

In short, analysts agree that Ethereum has the potential to reach new highs, but they also recognize that the market could face correction phases. The key will be ETH's ability to sustain its institutional narrative, keep its infrastructure active, and continue attracting capital. If these conditions are met, the rally could extend beyond 2025 and consolidate into 2026.