The amount of ETH recently accumulated by whales is equivalent to about USD 322 million.
According to analysis, the slight increase in leveraged bullish positions favors ETH.
Ether whales (investors with more than 1,000 ETH) have stepped up their buying of the Ethereum cryptocurrency, bringing a moment of moderate optimism in early May 2026.
According to on-chain data published by the analyst known as alicharts on the social network an approximate value of USD 322 million, at current prices. This aggressive accumulation reduces immediate selling pressure and sends a positive signal to the rest of the market.
This whale trend adds to the strong institutional interest already seen in April. Ethereum Exchange Traded Funds (ETFs) attracted more than 356 million dollars in net inflows during that month, breaking a long string of outflows that had racked up nearly $2.8 billion in losses over the previous six months. It is the first time in 2026 that ETH ETFs have recorded a positive month, reflecting renewed confidence from institutional investors.
The analyst known in X as CW complements the technical panorama. According to their observations, leveraged long (bullish) positions have increased slightly, while short (bearish) positions have decreased slightly.
Open interest is showing an upward trend, which is interpreted as a healthy sign. “ETH is moving sideways, but large leveraged investors remain relatively inactive. The ideal situation is maintained. ETH is waiting for a catalyst,” CW summarized in tweet recent.
Recent geopolitical factors, such as Iran peace proposal and Trump’s response, stopped ETH’s attempted breakout above USD 2,350, and some analysts consider that changes in leveraged positions remain modestso uncertainty remains about the exact timing of the next bullish move.
Causes and consequences of these movements in ETH
Experts point to several factors that could have prompted whales to buy ether en masse.
First, the perception that ETH is undervalued following the prolonged correction.
Second, the push for ETFs, which facilitates the entry of institutional capital without the need to directly purchase the cryptocurrency.
Third, anticipation to technical improvements in the Ethereum network and a more favorable macroeconomic environment which could favor risk assets. In this sense, CriptoNoticias reported this Sunday, May 3, that developers are working on improvements that would triple the transaction processing capacity of the main network. This would materialize when Glamsterdam is activated, the next Ethereum update scheduled in its roadmap for this first half of 2026.
In the short term, the level of accumulation that whales and institutions are showing reduces the supply available on the market and could become solid price support that sets the stage for a deeper rally when the right catalyst arrives. Whether it is a change at the regulatory level, a major improvement in the network or a positive change in global sentiment. Meanwhile, in the medium term, the confidence of retail investors would be reinforced by improving the prospects for ETH.
It is worth noting that, no matter how optimistic the expectations of some analysts may seem, It is important to always evaluate the risk involved in market volatility of cryptocurrencies. While a bullish catalyst can appear at any time, an unexpected and sudden event can generate the opposite effect and cause a dramatic drop in cryptocurrency prices.