Core Insights - Ethereum (ETH) experienced a significant price drop of over 12% in early November, reaching a low of around $3,000, which is its lowest point in nearly four months [1][2] - Major holders, referred to as "whales," have aggressively bought the dip, accumulating approximately $1.37 billion worth of ETH over three days, indicating strong confidence among large investors [1][3] - The average buying price during this accumulation was $3,462, with notable purchases from entities like an "Aave whale" and Bitmine Immersion Technologies [3][4] Accumulation by Major Holders - Eight major entities collectively purchased 394,682 ETH valued at around $1.37 billion during the recent downturn [3] - The largest buyer, an "Aave whale," acquired 257,543 ETH for approximately $896 million [3] - Bitmine Immersion Technologies, the second-largest buyer, purchased 40,719 ETH for about $139.6 million, continuing its strategy of accumulating ETH during market dips [4][5] Market Behavior and Trends - Ethereum exchange reserves have dropped to their lowest level since 2016, suggesting that investors are moving their holdings into long-term storage, which may reduce selling pressure and support potential price increases [6] - On-chain analytics from Santiment indicate that Ethereum is signaling a strong buying opportunity based on the Market Value to Realized Value (MVRV) metric, with traders currently facing average losses of 12.8% [7]