Ethereum (CRYPTO: ETH) is attracting major whale bets, while network activity remains resilient amid weakening prices.
Blockchain analytics platform Lookonchain identified a mysterious whale, who reportedly profited from nearly all 15 trades executed over the past four months.
The trader created four wallets on Hyperliquid (NASDAQ:PURR) and accumulated $29.75 million in total trading profits.
The whale has now opened a long position involving 24,000 ETH, worth $60.7 million, already generating $2.6 million in unrealized gains.
Separately, pseudonymous analyst Crypto Yoda highlighted another whale selling 229 Bitcoin (CRYPTO: BTC), worth $19.1 million, to purchase 7,469.8 ETH.
Such positioning indicates expectations that ETH could outperform BTC, although whale trades do not guarantee future price movements.
ETH Activity Strong Despite Price Weakness
CryptoQuant data noted a growing divergence between Ethereum's price performance and underlying network activity.
Despite ETH retreating from highs above $4,500 to almost $2,500, daily active addresses have largely remained between 350,000 and 500,000, recently standing near 337,600.
Meanwhile, deployed smart contracts increased from around 60 million in January to more than 72 million by October 2026.
The sustained expansion suggests developers continue building on Ethereum despite market volatility and weaker token prices.