Institutional and whale activity busy… Demand strong despite Ethereum decline

While Ethereum's price shows a sluggish trend, key demand indicators—such as increased staking rewards, expanded purchases by corporate treasuries, and the reactivation of whale wallets—are instead strengthening. Contrary to the market's perceived weakness, on-chain fundamentals appear to be firming.

On the 27th (local time), according to AMB Crypto, SharpLink Gaming, which operates an Ethereum treasury strategy, secured 443 Ethereum in staking rewards last week, bringing its cumulative holdings to 7,846 Ethereum. The institutional investor base also expanded, with SBET holders rising from 40 in Q2 to 138 in Q3, a 245% increase.

Bitmain, which has emerged as the world's largest Ethereum-holding company, added 69,822 Ethereum over the past week, bringing its total holdings to 3,630,000 Ethereum. The news was accompanied by a 20% surge in Bitmain's share price, showing a strong recovery in institutional preference for Ethereum treasury strategies.

Whale wallets are also active. One early investor sold 20,000 Ethereum from ICO allocations to realize gains, while another wallet withdrew 3,089 Ethereum from Bybit to build a long-term holding position. Another whale changed its strategy of selling during the bearish trend and newly purchased 1,110 Ethereum, and the Dai, amounting to $67,800,000 and representing additional buying capacity, is still held.

Ethereum's price remains weak in the low $2,900 range, but technical indicators show signs of short-term stabilization. The Relative Strength Index (RSI·Relative Strength Index) is in a zone with remaining room for a rebound, and the Moving Average Convergence Divergence (MACD·Moving Average Convergence Divergence) shows a converging trend below the zero line, indicating a slowdown in selling pressure. Direction is not clear, but it appears to have moved out of a phase of continuously widening declines.