Ethereum whale behavior is starting to mirror the 2020 setup. In early November, large holders absorbed nearly $1.4 billion in ETH during price weakness around $3,300, according to on-chain data. Meanwhile, exchange supply has contracted to roughly 16.1 million $ETH —down more than 25% since 2022.

What makes this interesting is the macro backdrop. Global M2 money supply just hit $95.58 trillion, yet ETH has only gained 15% since 2022 while Bitcoin surged 130%. Analysts call this a "liquidity lag." The last time M2 expanded aggressively in 2020-2021, Ethereum rallied over 200%. Bitcoin tends to move first in liquidity cycles, then capital rotates into altcoins once BTC dominance falls below 60%—which is happening now.

Could be positioning for a delayed but significant move.

#Ethereum #ETH #WhaleActivity #GlobalLiquidity #CryptoTrends