‘Shark’ Wallets Drive Ethereum to 3-Week High After Fusaka Deployment

Strong accumulation from “shark wallets” holding 1,000 to 10,000 ETH has pushed the asset’s price up to $3,230, reported Santiment on Thursday. This is the highest that Ether has traded for since mid-November, almost three weeks ago.

These wallets have been “key alpha” for the asset’s price throughout 2025, Santiment added. Additionally, network growth just hit 190,000 new wallets in one day.

Ethereum Upgrade Successful

The move follows the successful deployment of the Fusaka upgrade on Wednesday.

Fusaka is a key step on Ethereum’s layer-1+rollup roadmap with higher L1 performance, expanded blob capacity, lower rollup costs, and UX improvements.

Ethereum also achieved a record daily gas usage of over 200 billion units on Dec. 3, coinciding with the Fusaka upgrade’s activation, observed Sam Altcoin.

Analyst Ted Pillows noted that the ETH/BTC ratio was trying to reclaim the 50-week exponential moving average again. “If that happens, ETH and altcoins could see upward momentum,” he said.

Meanwhile, Tom Lee is “DCAing ETH,” reported Arkham Intelligence on Thursday. It observed another $150 million BitMine purchase on Wednesday, stating “Two fresh wallets just withdrew $92 million of ETH from Kraken, and $58 million from Bitgo, matching prior BitMine purchase patterns.”

BitMine has already bought the dip twice earlier this week and now holds at least 3.73 million ETH worth almost $12 billion.

ETH Price Outlook

Ether prices hit a three-week high of $3,230 during early trading in Asia on Thursday, but it could not hold above it and dipped slightly to $3,200 at the time of writing.

The asset has recovered 16% since its dip to $2,740 earlier this week during the latest leverage flush. Comparatively, Bitcoin has only recovered 10% from its Tuesday low to $83,500.

Nevertheless, Ether remains down 35% from its all-time high and is also 4.5% in the red year-to-date.

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