Ethereum whales have acquired over 800,000 ETH since mid-October 2025, coinciding with the reactivation of old ICO wallets. On-chain data reveals that large holders, possessing between 10,000 and 100,000 ETH, are actively staking and conducting small transfers. This activity is interpreted by analysts as a strategic long-term positioning, reflecting increased institutional interest in Ethereum. The movement of ETH by these whales aligns with a broader trend of rising inflows into cryptocurrency products and decreasing exchange balances. This suggests a growing institutional adoption of Ethereum, as more entities opt to hold and stake their assets rather than keep them on exchanges.