Ethereum Whales Buy $375M Worth of ETH as ERC-8004 Upgrade Inches Closer

Ethereum whales are ramping up their accumulation efforts ahead of the network’s highly anticipated ERC-8004 mainnet upgrade. The wave of high-value purchases has intensified speculation that deep-pocketed investors are positioning themselves for a pivotal shift in Ethereum’s long-term utility, centered on the integration of artificial intelligence.

Whales Accumulate Over $375M in ETH as Upgrade Nears

In the wake of the upcoming ERC-8004 mainnet upgrade, Ethereum whales have sprung into action, accumulating over $375 million worth of ETH in a series of large transactions. Blockchain tracker Lookonchain reported that an OTC whale purchased $56.13 million in ETH two days ago, adding that this same whale had earlier accumulated 70,013 ETH valued at $203.6 million. 

Adding to the buying momentum, analytics platform Onchain Lens revealed that a newly created wallet acquired 61,000 ETH, worth roughly $171.15 million, directly from Binance. Several whales are also reportedly swapping their BTC holdings for ETH, according to Lookonchain, a trend signaling a strategic rotation ahead of Ethereum’s next major evolution.

Analysts note that this concentrated accumulation is among the most aggressive ETH buying streaks of the year, underscoring rising institutional interest ahead of the upgrade.

ERC-8004: A Major AI-Centered Mainnet Upgrade with New Capabilities and Risks

The ERC-8004 upgrade is being hailed as a major mainnet enhancement that will empower AI agents to interact with multiple platforms on Ethereum in a fully permissionless environment. In a recent X post, Ethereum developers confirmed that the upgrade will go live “soon,” though no exact date was provided. Still, some community members speculate that the mainnet activation could occur as early as January 29, 2026.

First introduced in August 2025 and presented by the Ethereum Foundation in October, ERC-8004 aims to establish a decentralized global marketplace where autonomous AI agents can seamlessly execute tasks and exchange services.

However, the team cautions that the upgrade carries risks, including the potential for Sybil attacks, given the vulnerabilities of artificial intelligence systems. Despite the concerns, developers emphasize that ERC-8004 could catalyze a new era of decentralized AI innovation and ecosystem interoperability.

Ethereum Price Holds Steady Despite Rising Expectations

Data from CoinMarketCap shows that Ethereum is trading slightly above $3,000, indicating that the upcoming upgrade and aggressive whale accumulation have yet to have a noticeable impact on short-term price action. 

Market expert Ted Pillows noted in a recent X post that ETH open interest has fully recovered from the October 10, 2025, crash. Yet, the asset remains down 32%, highlighting the broader market’s fragile state.

Nevertheless, several crypto executives remain optimistic, arguing that Ethereum is poised to surge to a new high during the 2026 cycle as the network’s AI-driven functionality and institutional adoption continue to grow.