Whales, or large investors, have been accumulating Ethereum (ETH) at a rapid pace, according to a report by crypto on-chain analytics platform Santiment. In September alone, addresses holding 100,000 to 1 million ETH bought more than 600,000 ETH, worth over $1.57 billion at the time. This cohort of addresses now holds the highest ETH balance in three months, suggesting that whales are confident in the long-term prospects of the cryptocurrency. The continued accumulation by whales could be a sign that they believe ETH is undervalued and has the potential to rally significantly in the future. Whales are often considered market movers, so their actions can have a major impact on the price of ETH. If whales continue to accumulate ETH, it could help push the price of the cryptocurrency to new highs.