Ethereum is making waves once again, reclaiming the $2,000 mark in a dramatic move that’s catching the attention of traders and institutional investors alike. Behind this surge is a flurry of whale activity and renewed optimism surrounding the network’s future—especially after the successful launch of the highly anticipated “Pectra” upgrade.
Whales Quietly Stack 123,000 ETH—What Does It Mean?
Large-scale Ethereum accumulation is back in full swing. According to blockchain intelligence platform Lookonchain, institutional players such as Abraxas Capital Management (also known as Heka Funds) have gone on a significant buying spree. In a span of hours, Abraxas withdrew 49,644 ETH (worth approximately $92 million) from both Binance and Kraken.
That wasn’t the only major move. This activity follows earlier withdrawals totaling 33,035 ETH ($60 million) and 41,269 ETH ($75.46 million) from the same exchanges—bringing the total stash to around 123,000 ETH, or roughly $227 million.
The signal here is clear: these aren’t trades made for short-term profit. By moving ETH out of centralized exchanges into private wallets, these whales are flashing a long-term conviction in Ethereum’s trajectory.
Adding to the intrigue, Lookonchain also identified another large investor who funneled $8.58 million USDC into Hyperliquid, using it to open a 2x leveraged long position on ETH. The entry point? $1,930.41—which has already yielded an unrealized profit of $354,000 thanks to Ethereum’s price jump.
ETH Surges Past $2,000 on the Back of the “Pectra” Upgrade
Ethereum’s rally didn’t come out of nowhere. The recent “Pectra” network upgrade, deployed on Wednesday, marks the most significant technical update to the Ethereum blockchain since the Merge in 2022.
Designed to boost efficiency and overall performance, Pectra introduces a suite of enhancements, including:
- Faster, more scalable wallet functionality
- Streamlined staking mechanisms
- A dramatic increase in staking limits—from 32 ETH to 2,048 ETH—meant to improve validator efficiency and decentralization
The upgrade couldn’t have come at a better time. Ethereum has rallied by 12.8% in the past 24 hours, 10.4% over the past week, and a whopping 33.7% in the last 30 days. In the same 24-hour window, ETH bounced from a low of $1,792.06 to reach a high of $2,071.72.
This move also mirrors broader market strength. Bitcoin soared past $100,000, now hovering above $101,124, lifting sentiment across the board.
Final Thoughts
Ethereum’s reclaiming of the $2,000 level isn’t just a psychological milestone—it’s a data-backed signal of renewed investor confidence. Between the strategic whale activity, infrastructure improvements from the Pectra upgrade, and overall bullish momentum in the crypto market, ETH appears to be regaining its status as a top pick among both retail and institutional players.
As long as whales keep accumulating and developers continue shipping meaningful upgrades, Ethereum could be setting the stage for its next major rally.
