Ethereum whales are increasingly accumulating in the spot market, despite ongoing retail selling pressure. Data from CryptoQuant indicates that average order sizes in the Ethereum spot market have consistently been in the "big whale" category, even as ETH prices have declined. This suggests that large investors are buying directly rather than reducing exposure during market dips. In contrast, the futures market is dominated by retail-sized trades, with few instances of significant whale activity. The Taker Buy/Sell Ratio remains below 1.0, indicating that aggressive sell orders are outweighing buys. This dynamic suggests that while long-term confidence is building among large investors, short-term sentiment remains weak, leading to choppy price action for Ethereum.