Ethereum Whale Activity Surges as Over $9M in ETH Accumulated in Hours

Ethereum (ETH) is once again attracting major attention from whales and institutions, signaling growing bullish sentiment. In just a few hours, nearly 3,877 ETH—worth approximately $9.4 million—was accumulated by key players, according to on-chain data.

Blockchain tracker Lookonchain reports that SharpLink Gaming, already known for acquiring 188,478 ETH valued at $473.6 million, recently purchased an additional 1,989 ETH ($4.82 million) through an over-the-counter (OTC) transaction. Simultaneously, another whale wallet labeled "0x1fc7" continued its aggressive accumulation. After staking 3,201 ETH ($8.1 million) last week, the entity has now added 1,888 ETH ($4.56 million) to its staked holdings.

These large-scale purchases coincide with a notable 130.4% surge in Ethereum network fees this week, reflecting heightened blockchain activity and growing institutional DeFi interest, according to Sentora. Rising fees often indicate increased demand for smart contract execution and higher network utility.

Adding to the bullish momentum, Ethereum exchange netflows are showing a $293 million outflow, indicating sustained buying pressure and reduced exchange-held supply—a signal that investors prefer to hold or stake rather than trade.

Ethereum staking metrics have also hit a new milestone, with over 35 million ETH—about 28.3% of the total supply—now locked in staking contracts. At current prices, this equates to over $84 billion, marking the highest staked share ever recorded.

As ETH remains relatively stable at $2,428, the uptick in whale and institutional accumulation could be an early indicator of a bullish breakout, supported by strong fundamentals and network engagement.