Ethereum (ETH) is drawing significant attention from large investors, even as its price struggles to gain momentum. Blockchain analytics firm Lookonchain identified a mysterious whale who reportedly made profits from nearly all 15 trades over the past four months. The trader, operating through four wallets on Hyperliquid (PURR), accumulated $29.75 million in trading profits. This whale has now taken a long position involving 24,000 ETH, worth $60.7 million, already generating $2.6 million in unrealized gains.
Another notable move involves pseudonymous analyst Crypto Yoda, who highlighted a whale selling 229 Bitcoin (BTC), worth $19.1 million, to purchase 7,469.8 ETH. These actions suggest expectations that ETH could outperform BTC, though whale trades do not guarantee future price movements.
Despite ETH's price retreat from highs above $4,500 to nearly $2,500, network activity remains strong. CryptoQuant data shows daily active addresses have largely stayed between 350,000 and 500,000, recently standing near 337,600. Additionally, deployed smart contracts increased from around 60 million in January to over 72 million by October 2026, indicating sustained development on the Ethereum network.