Ethereum Whales Accumulate Tens of Millions in ETH Despite Bearish Derivatives Signals

Ethereum is consolidating near critical support between $2,200 and $2,220 as large-scale investors actively accumulate on dips despite broader bearish market pressure. Recent spot accumulation includes a whale withdrawing 18,550 ETH worth over $42 million, an address pulling 9,777 ETH valued at $22.53 million from Binance, and Bitmine purchasing 5,000 ETH for $11.22 million. However, headwinds persist as U.S. spot Ethereum ETFs registered $365 million in weekly net outflows, Wintermute established a $26.4 million short position, and the Crypto Fear & Greed Index dropped to 32.