On-chain data shows the Ethereum whales have recently gone on a $425 million shopping spree, a sign that could be positive for the asset.

Ethereum Whales Have Participated In Accumulation Recently

As pointed out by analyst Ali in a post on X, the ETH whales have made some big purchases recently. The relevant indicator here is the “ETH Supply Distribution,” which tracks the total supply amount each investor group holds.

Investors or addresses are divided into these groups based on the total number of tokens they carry in their balance. For instance, the 1 to 10 coins cohort includes all investors holding at least 1 and at most 10 ETH.

In the context of the current discussion, the group of interest is that of the whales. The wallet range of these humongous holders can be assumed to be …