Major market participants continue to increase their exposure to Ethereum (ETH), investing hundreds of millions of dollars in the world’s second-largest cryptocurrency.

This comes despite recent price weakness, which has pushed the token down by nearly 3% so far this week. The divergence suggests that while short-term price action remains under pressure, long-term conviction among institutional investors and large “whales” remains firmly intact.

Price Weakness Fails to Deter Large Buyers

Data from BeInCrypto Markets showed that Ethereum continued to struggle amid a broader market pullback. At the time of writing, ETH was trading at $2,929.23, down 1.06% over the past 24 hours.

While the decline has unsettled some investors, others appear to be treating it as a buying opportunity. Blockchain analytics firm Lookonchain highlighted that BitMine Immersion Technologies purchased 67,886 ETH, worth around $201 million.

That followed an acquisition just one day earlier, when the company bought 29,462 ETH worth $88.1 million from BitGo and Kraken. The back-to-back purchases align with BitMine’s broader accumulation strategy.

Over the past week alone, BitMine acquired a total of 98,852 ETH, lifting its overall Ethereum holdings to more than 4 million tokens. With ETH trading slightly below the company’s average entry price of $2,991, BitMine appears unfazed by recent volatility.

Trend Research Boosts Its Holdings

Another prominent buyer was Trend Research, a secondary investment entity led by Jack Yi, founder of LD Capital. The firm acquired 46,379 ETH on Wednesday, bringing its total holdings to roughly 580,000 ETH.

According to the EmberCN account: “They began accumulating ETH at the lows in early November around the $3,400 level. So far, they have accumulated a total of 580,000 ETH (about $1.72 billion) at an estimated average cost of around $3,208. This implies unrealized losses of roughly $141 million.”

In a public statement, Yi revealed that the firm is preparing to allocate an additional $1 billion toward Ethereum purchases and advised against opening short positions on the token.

Continued On-Chain Whale Activity

Large on-chain whales also remained active. A wallet known as the “66k ETH Borrow” whale, which had previously accumulated 528,272 ETH worth roughly $1.57 billion, added another 40,975 ETH valued at about $121 million.

Lookonchain said: “Since November 4, this whale has purchased a total of 569,247 ETH (worth $1.69 billion), with $881.5 million of those purchases funded through loans from the Aave protocol.”

Meanwhile, Fasanara Capital employed a leveraged strategy, buying 6,569 ETH worth $19.72 million over two days before depositing the tokens into the Morpho protocol. The firm also borrowed $13 million in USDC to acquire additional Ethereum.

Ethereum Whales Split as Buying and Selling Intensify

Not all large players were buyers. Some opted to reduce exposure. BeInCrypto reported that Arthur Hayes transferred 682 ETH, worth nearly $2 million, to Binance on Wednesday.

Lookonchain noted that Hayes sold 1,871 ETH worth $5.53 million over the past week, while purchasing Ethena (ENA), Pendle (PENDLE), and ETHFI.

Hayes wrote on X: “We are reallocating from ETH into high-quality DeFi names that we believe can outperform as fiat liquidity improves.”

Adding to selling pressure, Onchain Lens reported that a long-term Bitcoin whale deposited 100,000 ETH, worth about $292.12 million, into Binance. Such large exchange inflows are often interpreted as potential preparation for selling, though they do not always lead to immediate liquidation.

Earlier, ETHZilla also revealed the liquidation of 24,291 ETH worth roughly $74.5 million to repay senior secured convertible debt. Despite these opposing flows, BeInCrypto noted that selling activity among long-term Ethereum holders has collapsed by more than 95%.

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Gold prices were largely steady in Wednesday’s trading, holding near record levels amid quiet market conditions as investors prepared for the Christmas holiday.

Government data released on Tuesday showed that the preliminary reading of US gross domestic product grew by 4.3% year on year in the third quarter, up from 3.8% in the second quarter and well above expectations for growth of 3.3%.

According to the CME FedWatch tool, the probability of a 25-basis-point interest rate cut in January fell to 13.3%, down from 19.9% on Tuesday and 24.4% a week earlier.

Commenting on the data, White House economic adviser and Federal Reserve chair nominee **Kevin Hassett** described the figures as “excellent” and also praised the strength of the US labor market.

Meanwhile, US President **Donald Trump** said that his nominee to lead the Federal Reserve should have monetary policies and decisions aligned with his own views.

Separately, the US dollar index was steady at 97.9 points by 17:14 GMT, after recording a session high of 98.0 points and a low of 97.9 points.

In trading activity, spot gold rose by less than 0.1% to $4,509.2 per ounce by 17:14 GMT.

The S&P 500 reached a record intraday high on Wednesday for the first time in more than a month, as investors returned to artificial intelligence stocks and bet that the Federal Reserve will cut interest rates again next year.

The index was last trading up 0.2% at 6,920.88 points, surpassing its previous intraday peak of 6,920.34, set on October 29, when shares of AI heavyweight Nvidia helped lift the index to a market valuation above $5 trillion for the first time.

US equities have rebounded from their November lows, with investors rotating back into leading technology and AI stocks as the year-end approaches. Moderating inflation and employment data have kept hopes alive for additional interest rate cuts next year.

The benchmark index had fallen as much as 5.7% from its October peak in November, as investors grew concerned about elevated technology valuations and the risk of a bubble in AI-related stocks, despite Nvidia posting strong third-quarter earnings.

However, AI shares regained momentum after Micron Technology forecast stronger-than-expected earnings last week.

Amid volatility in technology stocks, investors also shifted toward cyclical sectors such as financials and raw materials, helping the S&P 500 recover from its November decline.

The S&P 500 is up more than 17% year to date, while the Nasdaq Composite, which is heavily weighted toward technology stocks, has gained more than 21%, and the Dow Jones Industrial Average has risen over 13% over the same period.

Copper prices held near their all-time highs reached in the previous session, as strong US economic growth bolstered demand prospects for the metal, while supply constraints continued to support prices.

The most actively traded copper contract on the Shanghai Futures Exchange rose 1.5% to 95,100 yuan ($13,532.0) per metric ton by 03:02 GMT, after touching a record high of 95,550 yuan earlier in the session.

Meanwhile, the benchmark three-month copper contract on the London Metal Exchange edged up 0.1% to $12,076.5 per ton.

The contract had reached a record high of $12,159.50 on Tuesday and is on track to post an annual gain of around 38%, driven by a weaker US dollar, bets on further interest rate cuts by the Federal Reserve, rising demand linked to artificial intelligence and the energy transition, as well as mine supply disruptions that have fuelled speculative investment in the metal.

The US economy grew at its fastest pace in two years during the third quarter, supported by strong consumer spending and a robust rebound in exports.

On the supply side elsewhere, a Chinese market information provider reported last month that China’s largest copper smelters plan to cut output by more than 10% in 2026, in an effort to address excess smelting capacity that has led to growing distortions in copper concentrate treatment charges.

Strength across the broader metals market further supported prices, as the US dollar is set to record its worst annual performance in more than two decades on Wednesday, with investors betting that the Federal Reserve will have room to deliver additional rate cuts next year, while some of its global peers are expected to raise interest rates.

Among other base metals traded on the Shanghai Futures Exchange, nickel extended its rally for a sixth consecutive session, jumping 4% to 126,680 yuan per ton, the highest level in around nine months.

Benchmark nickel prices on the London Metal Exchange also rose 1% to $15,970 per ton, marking a seven-month high.

In Shanghai, aluminium gained 0.5%, zinc rose 0.8%, and lead advanced 1.3%, while tin slipped 1.2%.

On the London Metal Exchange, aluminium climbed 0.3%, zinc increased 0.8%, and lead added 0.6%, while tin fell 0.2%.