According to Lookonchain, the Bitcoin OG is massively long on Ethereum, the second-largest cryptocurrency by market capitalization, further increasing its bullish bet on the cryptocurrency.
Long-time Bitcoin holders who previously held long Ethereum positions are now seen increasing them.
According to Lookonchain, BitcoinOG (1011short) continued to add more ETH longs, increasing its position to 120,094 ETH. His liquidation price is $2,234.69, which is still far from the current ETH price of $3,193.
Insane!
This #BitcoinOG(1011short) continues to add to his $ETH longs.
His position increased to 120,094 $ETH ($392.5M).
Liquidation price: $2,234.69 https://t.co/8cChdRN8iP pic.twitter.com/CwOYfgETdO
— Lookonchain (@lookonchain) December 11, 2025
This is consistent with the recent accumulation stint seen among large ETH holders. According to Lookonchain, Tom Lee's Bitmine purchased an additional 33,504 ETH worth $112.06 million in the past six hours.
Ethereum buyers are coming back
According to CryptoQuant, Ethereum taker flow on Binance is showing signs of recovery, suggesting that taker buyers are returning. Net taker volume, which tracks the balance of active buyers and sellers, was -$138 million, a clear improvement from -$500 million in late October.
The recent increase in net taker volume indicates that taker buyers are returning. Although this value still remains negative, its improvement could pave the way for upward price momentum.
At the time of writing, ETH was trading at $3,203, down 3.33% in the past 24 hours, as investors booked profits following the Fed's interest rate decision and the entire crypto market is trading in the red.
Nevertheless, Ethereum taker activity is changing, with buyer-driven orders emerging.
Analysts are highlighting two major support walls for Ethereum (ETH): $3,150 when 2.8 million tokens are accumulated and $2,800 when 3.6 million tokens are accumulated.
Ethereum improves network
Recent Fusaka upgrades have laid the foundation for continued network growth. PeerDAS (EIP-7594) upgrade unlocks up to 8x more data throughput, lower rollup blob charges, and more space to grow.
Yesterday, BPO-1 was activated, increasing blob capacity to 15 per block and increasing space on Ethereum for L2 without the need for a hard fork. BPO-2, which will further increase capacity, will become operational in January.
