Ethereum closed at $3,215 on Wednesday, recording one of its most significant daily growths in a while. This builds on its 7% increase from the previous day, as bullish momentum slowly creeps back into the cryptocurrency market.
But what is driving this Ethereum resurgence? Data from Santiment has provided context. The analytical platform noted that substantial accumulation, increased network activity, and exchange outflows have contributed significantly to this recent Ether recovery.
Ethereum Shark Wallet Activity and Price Movement
Shark wallets raised their holdings during the late November dip, and this trend appeared in on-chain records. According to Santiment data, these wallets added about 450,000 ETH from November 18 to December 2. They had earlier sold about 1.3 million ETH between October 5 and October 10. before returning to buy the dip
🦈📈 Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin's price throughout 2025. Additionally, ETH's network growth just hit 190K new wallets in one day.
🔗 https://t.co/QsvXwulg76 pic.twitter.com/NTR1tnvUtR
— Santiment (@santimentfeed) December 3, 2025
Price moved lower through late October amid selling, then recovered once accumulation returned. Ethereum has returned above $3,200 again due to this accumulation, with trading volume on major exchanges also increasing. On-chain data showed a steady rise in balances in the 1,000–10,000 ETH range throughout November.
Moreover, Santiment noted that these wallets have been key drivers of Ethereum’s trend throughout 2025, as their activity often precedes market moves. Wallets within this range expanded their positions as network activity also increased.Â
Network Growth and Exchange Flow Records
Ethereum recorded 190,000 new wallets in a single day, matching the highest level since mid-2024. According to CoinGlass data, address creation rose steadily alongside on-chain activity in November. Transaction counts and unique address data also increased as network demand grew, suggesting an all-around user traction.
However, exchange netflows for ETH remained mostly negative in November, and withdrawals continued as the price traded between $3,000 and $3,300.
Yearly flow data from CoinGlass showed exchange outflows of nearly $400 million in February, while ETH traded near $2,800. It also showed inflows of more than $200 million in May as the price moved toward $3,800.Â
Furthermore, August recorded inflows above $500 million in exchanges while Ethereum traded near $4,300. Flows changed throughout the year, yet November kept steady outflows as coins moved to private wallets. Charts showed that these movements aligned with rising wallet creation and larger holdings in the 1,000–10,000 ETH community.
The CoinRemark Team
