According to the analytics platform CryptoQuant, the Ethereum market has shown signs of a return of institutional investors in recent weeks. One key indicator of this process has been the growth in the average spot order size, which began to increase after the ETH price fell below $3,200.
Experts note that such dynamics are typically observed during the formation of a local bottom, when major participants take advantage of the price decline to open positions. Activity among so-called "whales" intensified during this period, which, according to analysts, indicates the beginning of a new wave of accumulation.
CryptoQuant suggests that if the current range of $3,000–$3,400 remains stable, the market could enter a low-volatility consolidation phase. This scenario will create the basis for further upward momentum, potentially pushing the price to $4,500–$4,800. However, analysts emphasize that retail investors are currently adopting a wait-and-see approach and exercising caution.
Amid renewed interest in Ethereum, analysts also recorded significant activity among long-term Bitcoin holders. According to their data, on November 4, the volume of BTC transfers to exchanges reached its highest level since July. Most of these transactions involved assets that had been dormant for three to seven years, which is typical for long-term holders.
The researchers paid particular attention to the reactivation of addresses that had been inactive for more than seven years. Typically, such movements occur only during significant market changes and may indicate the beginning of a new phase of capital redistribution or correction.
Despite this activity, the Bitcoin price remains stable around $106,000. CryptoQuant sees this as confirmation that the market is not in a sell-off phase, but is experiencing a period of calm asset redistribution. If the balance between supply from existing wallets and demand from new participants holds, a transition to a sustainable uptrend is possible in the coming weeks.
Experts believe that growing institutional interest could be a key factor in further market strengthening. Analysts noted that a similar pattern has been observed in previous growth cycles, when major players entered the market in the early stages of recovery.
Earlier, crypto analyst Willy Woo also expressed confidence that improved liquidity and the return of institutional investors will lay the foundation for a new rise in the price of Bitcoin and Ethereum.