Whales Are Accumulating BTC & ETH: The Smart Money Strategy for 2025

After weeks of volatility and liquidation-driven panic, crypto whales are making bold moves once again. The post-crash landscape has become a battleground where massive players are split between leveraged derivatives trades and silent spot accumulation. 

While some hedge fund-linked wallets bet aggressively against Bitcoin (BTC) and Ethereum (ETH), others are seizing the opportunity to buy at discounted levels.

The result is a fascinating divide between short-term speculation and long-term conviction, and it could define the next leg of the crypto market in 2025.

Key Takeaways

• Crypto whales are showing mixed sentiment post-crash, with shorts and longs on BTC and ETH exceeding $100 million in aggregate value.
• Ethereum treasury firm BitMine added $1.5 billion in ETH, reinforcing confidence in Ethereum’s fundamentals.
• El Salvador quietly expanded its BTC holdings to 6,355 BTC, signaling continued national-level accumulation.
• Exchange outflows of over 21,000 BTC point toward long-term holding trends among large entities.
• The ENA altcoin remains a unique bullish exception among selective whale portfolios.

The Market After the October Crash

The October market crash wiped billions in leveraged positions, sending traders scrambling to recover. Yet as prices stabilized, the total crypto market cap recovered 1.1% over 24 hours, and whale activity surged across both derivatives and spot markets.

This time, the data suggests that smart money is rebalancing rather than retreating. The volatility that frightened retail traders appears to be creating prime accumulation opportunities for institutions and large investors.

Read Also: Ethereum Price Target: Retake $4500 in October?

Whale Activity in Derivatives: The Battle Between Longs and Shorts

A surge in derivatives activity has revealed how large traders are attempting to navigate the current uncertainty.

One whale wallet holding over $250 million in BTC and ETH flipped bullish, opening a 15x long on 1,610 BTC ($173M) and a 3x long on 19,894 ETH ($77.4M). Despite previous losses of around $10 million, the trader’s deficit has now narrowed to just $3.1 million, reflecting renewed optimism.

On the other side, hedge fund-linked addresses, including those associated with Andrew Kang, have doubled down on bearish bets. His wallets reportedly opened $68 million in new shorts, including 10,275 ETH (25x leverage) and 269 BTC (40x leverage).

However, Kang still holds a long position on ENA, showing a selective approach where altcoins with strong narratives are exceptions amid broader market caution.

This divergence demonstrates that while speculative leverage continues to dominate the derivatives landscape, the underlying conviction in BTC and ETH remains intact.

The Quiet Side: Spot Market Accumulation

Beyond the noise of leverage, spot markets reveal a more patient strategy. Some of the largest institutional players are buying quietly, showing faith in the long-term resilience of Bitcoin and Ethereum.

BitMine’s $1.5 Billion Ethereum Purchase

One of the most significant moves came from BitMine, an Ethereum treasury firm that added $1.5 billion worth of ETH to its reserves. This move reflects growing institutional conviction in Ethereum’s future, especially as restaking protocols and tokenized treasuries become more mainstream.

Such a massive purchase doesn’t just impact supply dynamics, it signals that institutions view ETH as the base layer of Web3 liquidity, even after a market correction.

Read Also: Crypto Prediction for Q4 2025: Analysis by Bitrue

El Salvador’s Bitcoin Commitment

While institutional whales trade, nation-states accumulate. El Salvador’s latest purchase of 8 BTC, though small in volume, brings its total reserves to 6,355.18 BTC. 

The symbolic buy reinforces the country’s unwavering strategy to integrate Bitcoin into its national treasury, a move that continues to inspire smaller sovereign entities considering digital reserves.

Exchange Outflows Indicate Long-Term Confidence

In total, more than 21,000 BTC were withdrawn from centralized exchanges over the past week. Coinbase Pro and Binance accounted for most of the movement, with 15,000 BTC and 12,000 BTC withdrawn respectively.

Exchange outflows are typically viewed as a bullish indicator, as they suggest investors are moving coins into self-custody or cold storage rather than preparing to sell.

Altcoin Outliers: ENA and LINK

While Bitcoin and Ethereum dominate the accumulation trend, a few altcoins have caught whale attention.

Ethena (ENA) stands out as one of the only major altcoins seeing significant whale long positions. Andrew Kang and other investors maintain exposure to ENA, signaling confidence in its synthetic yield narrative.

Meanwhile, Chainlink (LINK) has seen remarkable accumulation. Within a week, more than 2.31 million LINK (worth $40.7M) were withdrawn from Binance. A single whale withdrew 142,428 LINK ($2.4M) in one transaction, a sign of growing trust in Chainlink’s role in real-world asset (RWA) infrastructure.

These moves hint that whales are positioning beyond blue chips, targeting tokens aligned with the 2025 megatrends of decentralized finance, synthetic assets, and oracle-based liquidity.

Read Also: Which 4 Altcoins Are Whales Buying Amid a Crypto Market Slide?

What Whale Behavior Reveals About 2025

If history is any guide, whale accumulation typically precedes long-term uptrends. The current divergence between leveraged shorts and deep spot accumulation suggests a transition phase, where short-term fear and long-term conviction collide.

For 2025, the overarching whale strategy appears to focus on three principles:

1. Accumulation During Fear: Buying BTC and ETH during low sentiment periods to secure long-term positions.
2. Selective Altcoin Exposure: Investing in RWA or yield-generating assets like ENA and LINK.
3. Hedged Leverage: Using short-term derivatives to protect portfolios while maintaining core holdings.

This blend of risk management and accumulation defines the “smart money playbook” — where volatility becomes a tool, not a threat.

The Smart Money Perspective

Crypto whales are often criticized for manipulating markets, but their moves often serve as early signals of macro sentiment. The fact that both institutional treasuries and sovereign entities are adding BTC and ETH — while short-term traders hedge with derivatives — shows a layered strategy of conviction and caution.

Smart money isn’t chasing the next rally. It’s building the foundation for it.

Final Thoughts

The current crypto environment is one of contrasts, panic-driven liquidations on one side and billion-dollar accumulations on the other. Whales are sending a clear message: volatility is opportunity.

Their diversified strategies in 2025 reveal that confidence in Bitcoin and Ethereum remains unshaken. Whether through BitMine’s $1.5B ETH buy, El Salvador’s growing Bitcoin treasury, or exchange outflows indicating hoarding, the narrative is clear, the smart money is quietly positioning for the next cycle.

Retail investors would do well to pay attention.

Read Also: Crypto Analysis for October: Will the Market Be Bullish?

FAQs

Why are whales accumulating Bitcoin and Ethereum?

Whales are taking advantage of lower prices after recent market corrections, signaling long-term belief in BTC and ETH as core assets in digital finance.

What is BitMine’s role in Ethereum accumulation?

BitMine is an Ethereum treasury firm that recently added $1.5 billion worth of ETH to its reserves, reinforcing institutional trust in Ethereum’s long-term growth.

How does exchange outflow data indicate accumulation?

When large amounts of BTC or ETH leave exchanges, it often suggests that investors are moving assets to cold storage for long-term holding rather than selling.

Which altcoins are whales favoring in 2025?

Ethena (ENA) and Chainlink (LINK) are currently favored due to their alignment with RWA tokenization and DeFi yield narratives.

What can retail investors learn from whale strategies?

Retail traders can learn to view market dips as entry opportunities and maintain diversified exposure rather than reacting emotionally to volatility.