What Are Whales Doing Now?

Ethereum (ETH) is seeing renewed buying interest amid its latest recovery rally, which has pushed the price back above $2000.

On-chain data shows whales accumulating the second-largest cryptocurrency. At the same time, the Coinbase Premium Index has moved above zero for the first time since early January.

Ethereum Reclaims $2000 as Crypto Market Extends Midweek Rally 

The crypto market extended its gains today, continuing the upward trajectory that began on Wednesday. Ethereum’s price has risen about 8% during the same period. At press time, the altcoin was trading at $2054.

On-chain analytics platform Santiment noted that the 30-day Market Value to Realized Value (MVRV) ratio for large-cap cryptocurrencies shifted significantly following the rally, suggesting the market is rebalancing after a period of undervaluation. 

The MVRV metric compares market capitalization with realized capitalization, providing insight into average holder profitability. Ethereum, in particular, has moved from a strongly undervalued position to a mildly undervalued zone, with its MVRV ratio currently at -5.5%.

ETH Surge Triggers Major Whale Buys 

The recovery has been accompanied by notable whale activity. Blockchain analytics firm Lookonchain documented that whale address 0xAb59 invested $14.57 million to acquire 7,008 ETH at an average price of $2,079.

In addition, whale address 0x166f withdrew 20,000 ETH worth $38.25 million from Binance and Deribit within a two-hour window. The large-scale exchange withdrawal involved five transfers, with the largest being 8,000 ETH from a Binance hot wallet.

US investor demand is also showing signs of improvement. According to CryptoQuant data, the Ethereum Coinbase Premium Index has moved over zero.

Throughout much of January and early February 2026, the index, which measures the price difference between Ethereum on Coinbase and Binance, remained firmly negative. This typically signals weaker buying pressure from US-based investors during periods of price softness.

The current reading shows ETH trading at a slight premium on Coinbase. This typically reflects stronger buying pressure from US-based investors, including institutional participants, compared to offshore markets.

Meanwhile, some derivatives traders have also benefited from ETH’s rise. Data shared by OnchainLens shows that trader Machi’s leveraged 25x long on ETH has swung back into profit, now up more than $760,000.

Separately, the whale known as “pension-usdt.eth” has closed both ETH and BTC long positions, realizing approximately $1.16 million in gains.

For now, momentum appears positive, but whether it can be sustained in the coming weeks remains to be seen.