Ethereum (ETH) and other top cryptocurrencies experienced cooling demand since late August. This was particularly the case for the whale cohort, but recent data suggests that ETH whales might be making a comeback.
Recent market data cast the spotlight on Ethereum whales, especially those holding between 10,000 and 100,000 ETH. Whales in this bracket have reportedly been ramping up their ETH accumulation.
The data revealed that whales in this category have been accumulating Ethereum since April. The same whales have been re-accumulating after the recent ETH price dip.
Rising demand from top whales may signal that the cryptocurrency was headed for yet another potentially explosive run.
However, this was not the only sign pointing to the possible return of aggressive demand for ETH as seen earlier this year.
Institutions Shifting Preference from Bitcoin (BTC USD) to Ethereum (ETH)
A recent CryptoQuant analysis explored the institutional demand characteristics between Ethereum and Bitcoin. Analysts observed that liquidity flows previously favored Bitcoin (BTC USD), but shifting market dynamics now paint a different picture.
According to the analysis, Ethereum ETFs registered over $9 billion worth of inflows in Q3 2025. In contrast, Bitcoin registered $8 billion worth of inflows during the same quarter.
This was the first time that Ethereum ETFs outpaced Bitcoin ETFs at the quarterly level.
The higher Ethereum ETF inflows in Q3 reflected altcoin season expectations. Moreover, Bitcoin achieved new highs in Q3, and this encouraged investors to seek higher returns from other cryptocurrencies that delivered relative underperformance in prior months.
It was, however, worth noting that the liquidity rotation also coincided with the bullish market sentiment that prevailed.
Ethereum ETF flows so far this month demonstrated relative weakness compared to BTC ETF flows. The recent tariff war FUD triggered a reversion in favor of BTC. However, ETF flows continued to favor ETH, especially during periods of robust bullish optimism for price action.
Recovering Leverage Appetite Signals Rising Confidence Among ETH Traders
Ethereum (ETH) estimated leverage ratio confirmed that appetite for leverage was on a recovery path. It bottomed out at 0.56 on October 14 and surged to 0.61 as of October 24.
The same ratio previously peaked at 0.73 earlier this month. However, the tariffs 2.0 threat triggered a massive liquidation event.
Although Ethereum’s estimated leverage ratio was still nowhere near its recent highs, it still demonstrated significant recovery.
According to Coinglass, Ethereum (ETH) open interest pushed as high as $70 billion in August 2025. That figure dropped to $63 billion on October 7. It then dipped as low as $42 billion, which means roughly $21 million worth of open interest was wiped out by the flash crash earlier this month.
Interestingly, Ethereum open interest jumped from $42 billion at the start of the week and concluded the week above $45 billion. This $3 billion addition in the course of the week confirmed the return of appetite for leverage.
These developments coincided with the shifting market sentiment, especially as the next FOMC meeting drew near. Rate cuts might be the next big catalyst event for ETH price, and the FED was expected to announce its decision on October 29. Investors have been banking on a 25 basis point cut which may usher in another phase of liquidity injection in the market.