Ethereum whales seized on the October 23 price dip to boost their holdings, creating a significant buying opportunity.

According to IntoTheBlock (ITB), large Ethereum wallets registered a weekly net inflow exceeding 598,000 ETH, valued at around $1.6 billion. This accumulation began as Ethereum’s price dipped from its recent peak of $2,765 on October 21-23.

Ethereum has risen by nearly 5% over the past week and is now trading at $2,685, with a market cap of $323 billion and daily volume around $22.6 billion.

This increased whale activity has led to heightened outflows from exchanges, with net outflows of $277 million on October 29 and $315 million over the past week, according to ITB. The large holder-to-exchange net flow ratio reached 10%, underscoring significant whale interest above the $2,600 level.

While FOMO among smaller investors could potentially push ETH’s price higher, strong bullish catalysts remain limited, as U.S. spot ETH ETFs have seen $485.4 million in outflows since July.