Strong accumulation from “shark wallets” holding 1,000 to 10,000 ETH has pushed the asset price up to $3,230, Santiment reported on Thursday. This is the highest price Ether has traded at since mid-November, almost three weeks ago.
Santiment added that these wallets were a “significant alpha” for asset prices throughout 2025. Moreover, the network growth reached 190,000 new wallets in one day.
🦈📈 Ethereum rose to $3,215 due to strong accumulation from Shark wallets holding ETH between 1,000 and 10,000 ETH. These wallets were a significant alpha for the price of #2 coin throughout 2025. Additionally, the growth of the ETH network has seen the number of new wallets reach 190,000 in a single day.
🔗 https://t.co/QsvXwulg76 pic.twitter.com/NTR1tnvUtR
— Santiment (@santimentfeed) December 3, 2025
Ethereum upgrade successful
The move follows the successful deployment of the Fusaka upgrade on Wednesday.
Ethereum developer Terence Tsao said, “Fusaka worked, and L2 posted the blob without missing a beat.” “Credit to all teams. L1 and L2 are operating as one well-oiled machine, moving forward together,” he added.
Fusaka is an important step in Ethereum’s Layer 1+ Rollup roadmap, with higher L1 performance, expanded blob capacity, lower rollup costs, and UX improvements.
“Ethereum’s two major upgrades are big wins this year,” said Bankless’ Ryan Sean Adams, adding, “We haven’t seen builder momentum this strong since the 2022 merger.”
According to Sam Altcoin, Ethereum achieved a record of over 200 billion units of gas usage per day on December 3, coinciding with the activation of the Fusaka upgrade.
Analyst Ted Pillows pointed out that the ETH/BTC ratio is once again trying to regain its 50-week exponential moving average. “If that happens, ETH and altcoins could see some upward momentum,” he said.
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Meanwhile, Tom Lee is “DCAing ETH,” Arkham Intelligence reported on Thursday. The company observed another $150 million in BitMine purchases on Wednesday, stating that “two new wallets have just withdrawn $92 million of ETH from Kraken and $58 million of ETH from Bitgo, consistent with previous BitMine purchase patterns.”
BitMine has already made a second push purchase earlier this week and currently holds at least 3.73 million ETH worth about $12 billion.
Tom Lee just bought $150 million ETH
Two new wallets withdrew $92 million ETH from Kraken and $58 million ETH from Bitgo, matching previous Bitmine purchase patterns.
Tom Lee is DCAing ETH. pic.twitter.com/uZxEnhVvzi
— Arkham (@arkham) December 3, 2025
ETH price outlook
Ethereum price hit a three-week high of $3,230 in early Asian trading on Thursday, but was unable to break above and fell slightly to $3,200 at the time of writing.
The asset has rebounded 16% since falling to $2,740 during the latest leveraged flash earlier this week. In comparison, Bitcoin has recovered only 10% from Tuesday’s low of $83,500.
Despite this, Ether remains down 35% from its all-time high and has lost 4.5% since the beginning of the year.
