Ethereum Whales, Led by Bitmine, Could Fuel ETH Q4 Rally Amid Significant ETF Outflows

• Whales added 252,441 ETH in three days, lifting Bitmine’s treasury to ~2.2M ETH.

• ETF products suffered $795.56M in outflows this week, pulling AUM back to ~$26B.

• On-chain momentum and seasonal Q4 history point to upside if the $4,000 floor holds.

Ethereum whales drive market moves — major wallets piled in 252,441 ETH in three days. Read the full analysis and outlook for ETH; learn the key levels to watch.

What are Ethereum whales doing right now?

Ethereum whales are actively buying: treasury buyer Bitmine accumulated 252,441 ETH in three days, taking its holding to about 2.2 million ETH (~$8.84 billion at recent prices). Large wallet activity and selective re-entries suggest stronger on-chain demand while ETFs experienced notable outflows.

How are ETH ETFs affecting market flows?

ETH ETFs registered heavy outflows this week, totaling $795.56 million — the largest weekly loss since launch. That pulled assets under management from above $30 billion back toward $26 billion, reducing a visible retail and institutional demand channel despite whale accumulation on-chain. Data cited: SoSoValue (ETF flows) and reported AUM figures.

Ethereum [ETH] whales are making a notable move this week. Institutional-grade treasury buyer Bitmine added 252,441 ETH in three days, lifting its total to roughly 2.2 million ETH, valued at about $8.84 billion at the time of reporting.

Other on-chain actors followed suit. Whale wallet 0xE37F, which sold 1,857 ETH five months ago at ~$2,251, re-entered the market and purchased 1,501 ETH (~$6.17 million) at roughly $4,114 per ETH today. These re-entry signals indicate renewed conviction from some long-term holders.

Source: X

While on-chain whale accumulation is clear, broader market indicators show mixed signals. ETF outflows removed nearly $800 million in a single week, reversing much of the inflow momentum seen in August and early September.

Source: X

ETF product outflows this week totaled $795.56 million — the largest weekly withdrawal on record for ETH funds. Net assets under management retraced from earlier highs above $30 billion to near $26 billion at the time of writing.

Source: X

Can Q4 push ETH higher?

Historical seasonality and recent strength suggest Q4 could amplify gains if current patterns persist. Analyst TedPillows notes ETH is undergoing a healthy correction after rallying nearly 250% from lows, and past cycles show Q4 gains often outpace Q3 performance.

Source: Coinglass

If the correction completes and macro conditions remain supportive, a move above $10,000 is within the scenario set being discussed by several technical analysts. That path depends on sustained demand, continued whale accumulation, and ETF flows stabilizing.

Source: X

What is the short-term outlook for ETH?

Short-term, ETH appears to be consolidating after the recent dip and has recovered above ~$4,100. Technical indicators show the RSI near 45, suggesting neither oversold nor overbought conditions, while trading volumes remain subdued — limiting immediate momentum.

Source: TradingView

Key levels to watch: bulls need to defend $4,000 to maintain a bullish bias; a decisive break below that could open the door to further downside. Conversely, renewed buying above recent highs would point to continuation of the uptrend and increased probability of Q4 outperformance.

Frequently Asked Questions

Are Ethereum whales buying more ETH right now?

Yes. Large on-chain buyers including Bitmine added 252,441 ETH in three days, raising its treasury to ~2.2M ETH (~$8.84B). Several large wallets also re-entered positions during this period, signaling concentrated accumulation.

Why did ETH ETFs see such large outflows?

ETF outflows of $795.56M this week reflect a mix of profit-taking and rotation. The drawdown reduced ETF AUM from earlier highs above $30B back toward $26B, weakening an important liquidity channel for ETH.

What price levels should traders monitor?

Short-term support: $4,000. Key resistance: recent highs above $4,500 and psychological levels that align with seasonal strength in Q4. Confirming volume and hold of support will be critical.

Key Takeaways

• Whale accumulation: Bitmine added 252,441 ETH in three days, bringing its treasury to roughly 2.2M ETH.
• ETF reversal: ETH ETFs saw $795.56M in outflows this week; AUM fell to about $26B.
• Outlook: If $4,000 holds and on-chain buying continues, seasonal Q4 dynamics and technical setup could favor a renewed rally.

Conclusion

Ethereum whales are currently increasing holdings while ETFs experienced large outflows, creating a mixed but actionable market picture. On-chain accumulation from large wallets provides underlying support, yet ETF outflows and light volume keep the near-term outlook conditional. Monitor $4,000 support and ETF flows; stronger buying would increase the probability of a decisive Q4 move. Published by COINOTAG — updated 2025-09-30.