Whales Accumulate Ethereum Before Fusaka Upgrade

Ethereum is attracting increased market attention thanks to a combination of large purchases of institutional ETH volume and expectations of a massive network upgrade called Fusaka, which is set to be activated on the mainnet in early December 2025 year.​

Large purchase of more than 21 thousand ETH per day

According to on-chain monitoring, BitMine purchased approximately 21,537 ETH worth approximately $59 million by transferring funds to its associated wallet within the last 12 hours. This transaction structure with a test transfer and a subsequent large tranche is reminiscent of a typical entry pattern for large players minimizing operational risks.​

Fusaka upgrade: market expectations and price levels

Analysts note that Fusaka is in the final stages of preparation for launch on the Ethereum main network, and the estimated activation date is early December 2025. Historical data from previous major Ethereum upgrades show that on average, after such events, the price often experiences increases ranging from approximately 10 to 50% within a few months, although this is not a guarantee of a repeat scenario.

Technical picture: protecting key support

The current price of Ethereum is held in the area below $3 thousand, while traders highlight an important support zone slightly below $2.8 thousand, from which the price has already bounced several times during the year. The charts also discuss potential reversal patterns and targets in the $3-3.2k range, provided support continues to hold selling pressure.​

What does this mean for the market

The combination of large institutional buying and the upcoming protocol update is heightening speculative expectations and could lead to increased volatility in the coming weeks. At the same time, there remains a risk of repetition of the “selling on news” scenarios, when some participants fix profits after the actual launch of the upgrade.​

News highlights

• BitMine has purchased more than 21 thousand ETH over the past 24 hours, strengthening the signal of institutional interest in the asset.

• The Fusaka upgrade for the Ethereum network is expected in early December 2025 and is considered an important technological milestone.​

• ETH price is holding above key support just below $2.8 thousand, with analysts discussing targets in the region of $3-3.2 thousand.​

• Investors expect increased volatility around the update date, given the experience of past hard forks and updates.​

The information is for informational purposes only and under no circumstances constitutes an individual investment recommendation.