Massive Ethereum Whale Buying Signals Confidence in Ongoing Supercycle

Fundstrat’s Bullish View on Ethereum

Tom Lee, known for his macro-driven analyses of crypto market cycles, believes Ethereum’s trajectory continues to align with a broader supercycle narrative. According to Lee, ETH’s long-term growth potential remains intact, driven by increasing adoption, institutional participation, and network utility.

Lee’s statement follows a steady rise in on-chain activity and capital inflows into Ethereum-linked investment products. He suggested that, unlike speculative bursts seen in previous cycles, the current uptrend reflects “structural demand” for ETH across various sectors of decentralized finance, tokenization, and smart contract platforms.

Major Investors Double Down on ETH

Complementing Lee’s outlook, a new report from blockchain analytics firm Alphractal revealed that large Ethereum holders — commonly referred to as “whales” — have been accumulating at an unprecedented rate.

According to the report, addresses holding between 10,000 and 100,000 ETH have added significantly to their balances since April 2025, signaling growing conviction among long-term investors.

The firm noted that its “Address Supply Bands” metric, which tracks the share of ETH held by different wallet sizes, has reached a record level. As of October 2025, wallets in this range collectively control around 31 million ETH — marking a historical high for this investor category.

Historical Patterns Suggest Upside Potential

Alphractal’s analysts pointed out that similar accumulation patterns have preceded Ethereum’s strongest price expansions. Between 2017 and 2021, whenever large wallets expanded their holdings consistently, ETH prices followed with major rallies. The ongoing trend suggests that the same dynamic could be developing once again.

This behavior also signals strong belief in Ethereum’s long-term fundamentals. The network continues to benefit from scalability improvements through Layer 2 solutions, as well as from rising demand in tokenization, staking, and enterprise blockchain applications.

Institutional Confidence Strengthens

Institutional investors have become an increasingly influential force in the Ethereum market. Data from digital asset funds indicates rising inflows into ETH-related products, particularly those offering exposure to staking yields and tokenized assets.

The introduction of Ethereum-based ETFs in several markets has also contributed to broader accessibility and mainstream confidence.

Tom Lee’s supercycle perspective aligns with this shift, suggesting that Ethereum’s growth is becoming more cyclical and less speculative. The confluence of institutional accumulation, technological progress, and increased network usage could serve as the foundation for the next major bull leg.

Ethereum’s Road Ahead

As Ethereum whales continue to buy at record levels and macro analysts reaffirm their bullish outlook, attention now turns to whether ETH can sustain its current momentum. The next few months may prove critical as investors await further signals from the Federal Reserve’s policy decisions and global liquidity trends.

Still, with whale accumulation near all-time highs and institutional sentiment strengthening, Ethereum’s long-term setup appears increasingly constructive.

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