$1.1 Billion in Ethereum Acquired in 48 Hours – Is an ETH Breakout Approaching?

The Ethereum network is currently experiencing heightened activity, achieving record speeds and attracting significant investments from large players in the market. With recent whale purchases, many are speculating whether we are on the brink of Ethereum's next breakout.

Key Takeaways

The Ethereum ecosystem recorded a peak throughput of 3,872 transactions per second (TPS), its highest ever.
Whales acquired 323,523 ETH, equivalent to approximately $1.12 billion, in just 48 hours.
Major investors are showing confidence in ETH despite a recent price decline, suggesting a potential upcoming breakout.

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Record-breaking Ethereum Throughput

The Ethereum network is pushing boundaries and achieving unprecedented levels of activity. Recent on-chain data recorded an impressive peak of 3,453 transactions per second (TPS) at 14:37 UTC, which was quickly outdone, reaching a new record high of 3,872 TPS shortly thereafter.

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Source: X

Throughout this period, network throughput remained elevated above 2,600 TPS, with the Base Chain [BASE] contributing more than 1,800 TPS, which accounts for a significant portion of current activity. Following closely was Arbitrum [ARB] with 477 TPS, along with other newer Layer 2 solutions like Soneium also generating notable transaction volumes.

Whale Activity Increases

Recent data indicates that large investors, or whales, are capitalizing on current market conditions, showing a strong belief in ETH's potential. In the last 48 hours, whales accumulated a staggering 323,523 ETH, valued at approximately $1.12 billion. Their purchases were made at prices ranging from $3,247 to $3,515 per ETH.

One significant transaction involved a large wallet, previously known for borrowing 66,000 ETH from Aave [AAVE], which purchased 257,543 ETH for about $896 million.

Source: X

In addition to this, a group of “7 siblings” wallets added 37,971 ETH to their holdings, while new wallets collectively acquired over 14,000 ETH. These substantial purchases indicate the increasing confidence among significant investors in the potential for ETH's growth rather than a continued downturn.

Potential Breakout on the Horizon

Market analysts are drawing parallels between the current situation for ETH and previous multi-year compression zones seen from 2016-2018 and 2018-2021. Both of these instances ultimately led to explosive upward movements.

Source: X

Currently, the structure from 2022-2025 indicates that ETH is retesting the top of the red supply band, which lies between $3,800 and $4,200, while remaining above a crucial multi-year rising trendline. If ETH can maintain this trendline, it could signify that the recent downturn is not a failure but rather a final retest before a potential macro breakout, paving the way for new cycle highs.