Ethereum Whales Defend Key Level Amid Rising Leverage Risks

Ethereum whales are defending their $2,796 cost basis, accumulating 4.8 million ETH since late November 2025—equivalent to 4% of circulating supply—while ETH dominance rebounds to 13%. High leverage at 2.964 signals potential risks amid weak altcoin rotation.

• ETH dominance stabilized after dipping to 11.5%, bouncing to 13% with price support around $3,000-$3,500.
• Whales boosted holdings from 22.4 million to 27.2 million ETH, sitting on $4.8 billion in unrealized profits.
• Ethereum Estimated Leverage Ratio hit 2.964, a six-month high, increasing liquidation risks without macro catalysts.

What are Ethereum whales doing in the current market？

Ethereum whales are actively accumulating and defending critical support levels, with holdings rising significantly since November 21, 2025. On-chain data from CryptoQuant shows they added 4.8 million ETH, or 4% of the circulating supply, increasing positions from 22.4 million to 27.2 million ETH. This supports ETHs price consolidation between $3,000 and $3,500 while dominance holds firm.

Source: CryptoQuant

This whale activity aligns with ETHs realized price for long-term holders at $2,796, where price has bounced three times. Without strong macro tailwinds or clear capital rotation from Bitcoin, these positions rely on conviction. Ethereum dominance has similarly structured higher, recovering from 11.5% in late November to around 13%, indicating sustained interest despite broader market risk-on sentiment.

Why is ETH dominance holding steady despite market shifts？

ETH dominance reflects Ethereum‘s market share relative to total crypto capitalization, providing insight into investor preferences. Data from CryptoQuant highlights four lower highs post-November dip, followed by a rebound that matches ETH’s sideways trading. This stability suggests whales are countering selling pressure, defending key levels without broader altcoin inflows. Historically, Bitcoin-heavy capital flows limit altcoin rallies, but current metrics show Ethereum-specific support. Short sentences aid scanning: dominance at 13% signals resilience. Whale defenses prevent deeper corrections. Rising leverage adds caution, as Estimated Leverage Ratio (ELR) reached 2.964—meaning $2.96 borrowed for every $1 held unleveraged.

On-chain analytics from CryptoQuant confirm whales‘ realized price at $2,796 as pivotal. ETH’s consolidation is not random; its backed by accumulation equaling 4% of supply. Profits stand at $4.8 billion at current prices, yet high volatility and absent catalysts elevate pullback risks. Leverage buildup, absent rotational flows, heightens liquidation potential. Ethereum remains vulnerable to cascades if support falters.

Source: CryptoQuant

Leverage metrics underscore caution. ELRs six-month peak warns of overextension. Traders monitor this closely, as de-leveraging could trigger downturns. Ethereum whales hold conviction, but market dynamics demand vigilance. Dominance resilience, paired with price support, paints a nuanced picture: strength meets fragility.

Frequently Asked QuestionsHave Ethereum whales accumulated ETH recently in 2025？

Yes, Ethereum whales accumulated 4.8 million ETH since November 21, 2025, raising holdings from 22.4 million to 27.2 million—4% of circulating supply. This defends the $2,796 realized price for long-term holders, per CryptoQuant data, yielding $4.8 billion in profits and stabilizing price around $3,000.

What does the rising Ethereum leverage ratio mean for investors？

The Ethereum Estimated Leverage Ratio at 2.964, a six-month high, indicates heightened borrowed exposure—for every $1 of unleveraged ETH, nearly $3 is leveraged. This raises liquidation risks during volatility, especially without macro support, potentially leading to price cascades if whales reduce positions.

Key Takeaways

• Ethereum whales defend $2,796 cost basis: Bounced thrice, backed by 4.8 million ETH accumulation since November.
• ETH dominance rebounds to 13%: From 11.5% low, aligning with whale support amid Bitcoin dominance.
• Leverage at 2.964 signals caution: Monitor for de-risking; prepare for volatility without rotation inflows.

Conclusion

Ethereum whales continue defending their $2,796 cost basis, driving ETH dominance recovery to 13% and accumulation trends amid leverage buildup. On-chain data from CryptoQuant reveals $4.8 billion in profits but highlights risks from ELR peaks and weak flows. Investors should track these levels closely as Ethereum navigates 2025 uncertainties—position strategically for potential shifts.