Ethereum whales have accumulated $417 million in ETH from Kraken and BitGo wallets since mid-October, reflecting long-term confidence in the cryptocurrency. This significant accumulation aligns with a 4.26% decrease in Ethereum's exchange reserves, now at $62.44 billion, suggesting a shift of tokens to cold storage. Data from Santiment indicates improved weighted sentiment and increased social dominance, pointing to a gradual recovery in market confidence.