Ethereum whales are stepping up accumulation as Ether struggles near the $1,800 to $1,900 range, with several large holders moving millions of dollars worth of ETH away from centralized exchanges. One whale withdrew almost $10 million in ETH from Kraken this week, adding to signs that deep-pocketed investors are treating the cryptocurrency’s sharp 2026 decline as a buying opportunity.
The transaction comes with ETH still roughly 45% below its 2026 high. While the price remains under pressure, large withdrawals to private wallets and continued accumulation by other major holders suggest some investors are positioning for a recovery rather than reducing exposure.
Ethereum Whale Withdraws Nearly $10 Million From Kraken
On August 17, the Ethereum address identified as 0x8447… withdrew 5,300 ETH from Kraken, according to Arkham Intelligence. The transaction was valued at approximately $9.98 million at the time, making it one of the more notable recent examples of large-holder accumulation.
Source: Arkham Intelligence
The purchase was not the wallet’s first move into ETH. The same address had previously withdrawn roughly 357 ETH from Kraken last month and deposited 224 ETH into Ethereum’s Beacon Deposit Contract. Its liquid balance now stands near 5,433 ETH, worth approximately $10.3 million with Ether trading around $1,890 to $1,900. Including staked holdings, the position is valued at close to $10.7 million.
The activity also puts renewed attention on the Ethereum rich list, particularly as large wallets continue moving significant amounts of ETH while prices remain depressed. Holder data shows substantial concentration among the largest addresses, although some of these wallets belong to exchanges and other platforms that custody assets on behalf of many users rather than representing individual investors.
Among the ten largest addresses in the supplied holder data, Binance appears twice and Bitfinex once. The biggest address listed holds approximately 62.07 million ETH, equivalent to 51.14% of the tracked total, while the second-largest address accounts for 2.28%. This steep drop illustrates how heavily the headline distribution figures can be influenced by a handful of very large addresses.
Larger ETH Accumulation Trend Is Taking Shape
The $10 million Kraken withdrawal is not happening in isolation. Another whale recently accumulated approximately 121,000 ETH over the course of a month, a position worth around $227 million at current prices. The buying included a 9,000 ETH withdrawal from Gemini, according to on-chain data shared by The Data Nerd.
Corporate accumulation is adding another dimension. BitMine Immersion, associated with Fundstrat co-founder Tom Lee, has continued making regular ETH purchases and held approximately 5.81 million ETH as of August 17. At prices around $1,900, that position is worth roughly $11 billion.
The company’s accumulation has come at a substantial paper cost. Its total invested cost basis stands near $19.49 billion, corresponding to an average acquisition price of approximately $3,358 per ETH. That leaves BitMine sitting on an unrealized loss of around $8.49 billion, or 43.56%.
Despite those losses, continued accumulation suggests large holders are willing to tolerate considerable short-term drawdowns. Exchange withdrawals are particularly relevant because ETH moved into private wallets or staking contracts is generally less immediately available for sale than assets sitting on trading platforms.
Source: Dune Analytics / @Springzhang
Broader holder data reinforces the scale of ETH controlled by major addresses. The chart above shows that the top 100 holders collectively control more than 20 million ETH, while the total rises toward 30 million ETH for the top 200. The top 500 hold close to 40 million ETH, with the top 1,000 exceeding 40 million ETH.
These figures do not mean every large address represents a single whale. Exchange wallets, custodians, staking infrastructure and institutional platforms can hold ETH belonging to thousands or even millions of underlying users. Still, changes in large-wallet balances can provide useful clues about where liquidity is moving.
Why Whales May Be Buying ETH Around $1,800
Price is likely a major part of the accumulation thesis. Ether is trading around 45% below its 2026 peak, putting large buyers in a substantially different position than investors who accumulated closer to the highs.
The $1,800 to $1,900 region has consequently become an important area for both on-chain activity and market positioning. Rather than waiting for a confirmed recovery, some whales appear willing to accumulate while sentiment remains weak.
Analyst Merlijn The Trader has suggested that ETH could still fall toward $1,715 to $1,750 before entering another expansion phase. His thesis draws comparisons with Ethereum’s June setup, when ETH tested a similar region before recovering sharply in subsequent weeks.
That possibility means whale accumulation should not automatically be interpreted as confirmation that ETH has reached its final bottom. Large investors can build positions over extended periods and absorb drawdowns that would be difficult for smaller traders to tolerate. The current transactions instead show that some significant holders consider prices around current levels attractive enough to increase exposure despite continued downside risk.
Ethereum Price Remains Trapped in a Tight Technical Structure
Ethereum’s chart reflects the uncertainty surrounding the accumulation. ETH has been consolidating inside a symmetrical triangle, with lower highs converging against a series of higher lows near $1,890. The formation indicates declining volatility and leaves the market waiting for a clearer directional move.
Ether is also trading around its 20-day exponential moving average near $1,883. The 50-day EMA around $1,918 represents a more immediate obstacle, meaning buyers still need to push ETH through nearby resistance before the short-term structure becomes more constructive.
A breakout above the triangle and 50-day EMA could improve momentum and bring the $2,050 to $2,125 region back into focus. If rising support fails instead, ETH could revisit the $1,750 to $1,700 area highlighted by analysts.
For investors following Ethereum news, the interaction between these technical levels and whale behavior could become increasingly significant. Continued large withdrawals while ETH holds support would strengthen the accumulation narrative, whereas a return of substantial whale balances to exchanges could signal that large holders are becoming more defensive.
Ethereum Whale Accumulation Puts Exchange Supply in Focus
The emerging story is less about one $10 million purchase than the behavior developing around it. A whale withdrawing 5,300 ETH would carry limited significance on its own, but the transaction comes alongside a 121,000 ETH accumulation campaign and continued institutional-scale buying by BitMine.
Large-holder concentration also means whale movements will remain closely watched as Ethereum searches for a bottom. The available holder data shows that a relatively small group of addresses controls an enormous quantity of ETH, even after accounting for the exchange and custodial wallets represented near the top of the rankings.
For now, whales appear willing to accumulate into weakness despite the possibility of another move toward $1,700. Whether that positioning proves early or well-timed will depend heavily on Ethereum’s ability to defend its current support structure and eventually reclaim resistance above $1,900 and $2,000.
