Ether’s biggest holders are doubling down. Despite a weekend price dip that saw Ethereum briefly fall below $3,400, onchain data shows massive accumulation by “mega whales” — addresses holding over 10,000 ETH.

According to Arkham Intelligence, one such address bought $300 million worth of Ether in an OTC deal through Galaxy Digital, bringing its total holdings to 79,461 ETH, or approximately $282.5 million. This is just one of several mega whales ramping up their positions. Glassnode reports over 200 new mega whale addresses have appeared since early July, many linked to institutions, custodians, and ETFs.

BlackRock’s iShares Ethereum Trust ETF has also seen explosive inflows, pulling in $1.7 billion over 10 straight trading days. Onchain ETF ETH holdings have jumped over 40% in just 30 days, according to Dune Analytics.

Despite August historically being a bearish month for Ether — with losses in 2023 and 2024 — the market seems to be defying expectations. On Monday, ETH rebounded to $3,560, and optimism is growing. CoinW’s Monika Mlodzianowska said the weakening labor market and potential monetary easing could shift investor sentiment and boost liquidity across crypto.

Even outside traditional finance, Ethereum is gaining attention. Over the weekend, Eric Trump encouraged followers to “buy the dip” in ETH, while CNBC called Ethereum the “invisible backbone of Wall Street.”

With major players accumulating and institutional interest surging, ETH appears to be gearing up for another bullish leg, even as history warns of August headwinds.