According to Lookonchain, significant Ethereum accumulation by whales has been observed with large withdrawals from major cryptocurrency exchanges. Specifically, a wallet linked to Metalpha has withdrawn 29,000 ETH valued at $48.73 million from Binance since April 1. Another wallet, identified as 0xd81E, has taken out 46,577 ETH worth $97.26 million from Gate.io since February 15. Additionally, wallet 0x6034 has removed 10,091 ETH, equating to $18.8 million, from Bybit since March 12. These moves suggest strategic accumulation by large holders, potentially indicating bullish sentiment and influencing Ethereum's market dynamics.

According to IntoTheBlock, approximately 350,000 ETH, valued at nearly $1 billion, was withdrawn from exchanges yesterday, marking the highest net exchange withdrawal since January 2024. This suggests that traders are capitalizing on the price dip to accumulate Ethereum.