Ethereum showed new purchasing pressure this week after reports that major Bitcoin Zilla had dramatically increased ether holdings.
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The main whales move to ether
Reports say that one of the earliest and most influential bitcoin jelly bought around 820,220 ETH in two weeks.
Purchases are recorded at multiple addresses and are attracting attention as they represent a massive transfer of capital to ether rather than bitcoin.
Traders say that such a concentrated accumulation can raise emotions and draw other large holders into the market.
Ethereum’s latest trading performance reflects a major move. At the time of reporting, ETH was trading for around $4,390, with a 24-hour trading volume of $39 billion and a market capitalization of nearly $538 billion.
og This OG Bitcoin Zilla purchased 820,224 ETH, worth $3.6 billion in just two weeks.
He definitely knows something pic.twitter.com/ig9su2bgze
– Ash Crypto (@ashcryptoral) August 31, 2025
Tokens rose 2% the day before. These raw numbers highlight that even if a portion of the market is pulled back, ether demand remains high.
Derivative activities tell a more complicated story. Reported data shows that derivatives volumes fell 14% to $61 billion, while open interest rose 2.90% to $60 billion.
OI weighted metrics decreased by -0.0007%. This is a small drop indicating a minimal reduction in positioning strength. These moves suggest that dealers comment that the market may be consolidated.
Ether Price Prediction and Emotions
Mixing technical with on-chain data refers to a gradual degree in current forecasts. Based on the latest forecasts, the ether is expected to rise 11%, reaching $4,870 by October 1, 2025.
Market sentiment is listed as bullish, but Fear & Greed Index reads 46 (Fear). Over the past 30 days, ETH recorded 47% green days and 9% price volatility readings. These indicators suggest markets that have room to operate, but still provide meaningful uncertainty.
Analysts provide warning notes. According to analyst TED, ETH’s recent outperformance and Bitcoin could pause for a short retest of around $4,000 as liquidity clusters are swept and traders reassess their exposure.
He points to the dynamics of the order book that often triggers a pullback before a new upward movement.
$eth is very well tolerated compared to BTC.
However, there is still a chance to retest for 4k$4k.
Look at the huge fluidity clusters.
Just one thing in mind: I’m just a short-term bearish. pic.twitter.com/d9xirxr5zq
– Ted (@tedpillows) August 31, 2025
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What traders see
Investors and Desk say they are looking at three things. It’s the flow of massive on-chain purchases, whether open interest in derivatives continues to rise, whether prices exceed key support, near $4,000.
Reports of whale accumulation have sparked talk of growing institutional interest, but the decline in spot derivative volumes has shown that some short-term participants will come back waiting.
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