According to on-chain analytics from Lookonchain, three distinct types of major investors have been building positions in Ethereum (ETH), Zcash (ZEC), and Hyperliquid (HYPE) this week. The daily charts for each asset are now showing patterns that could validate those moves.
The approach differs across the three trades. One large holder is accumulating ETH on the spot market, another has taken a leveraged long position in ZEC, and a wallet connected to venture firm a16z continues to add to its HYPE holdings.
Ethereum Whale Steps Back In at Channel Support
Ethereum has been moving within an ascending parallel channel since February 6. The price is currently probing the bottom edge of that channel, which aligns with the 0.236 Fibonacci retracement level at $2,144.
The daily Bollinger Band Width Percentile (BBWP) indicator is showing expanding volatility heading into this move, while the Relative Strength Index (RSI) hovers near 35.
Should buyers hold this zone, the next upside objective is the 0.382 Fibonacci retracement at $2,385. A decisive break below the channel would shift focus to the $1,920 support area. The scenario is a clear either-or, and Lookonchain data indicates at least one major player is viewing this as an entry point.
A wallet already holding 131,000 ETH purchased an additional 5,001 ETH at $2,119 roughly four hours ago. The transaction is valued at approximately $10.6 million, per Lookonchain. That same address locked in around $1.09 million in profit from a buy-low, sell-high trade last month, lending some credibility to the timing.
Arkham data reveals the order was routed through multiple CoW Protocol settlements, a pattern consistent with deliberate accumulation rather than impulsive dip-buying.
Zcash Whale Wagers $19.6M on the 0.618 Retracement Holding
Zcash has pulled back to the 0.618 Fibonacci retracement at $533, which was the swing high from late December 2025. So far, the level has held as support.
The daily RSI is near 60, and the BBWP shows volatility contracting. That pairing typically signals accumulation rather than a breakdown.
If the $533 area continues to hold, the chart points to the 0.786 Fibonacci at $630 as the next target, with a further push toward $750 on a sustained move. A breakdown would shift the next significant demand zone down to the 0.382 Fibonacci at $400.
That level is now being put to the test by a bold on-chain wager. Wallet 0x8652 initiated a 10x leveraged long on 36,875 ZEC, valued at $19.68 million, over a three-hour span. It is the largest on-chain bullish ZEC position tracked by Lookonchain.
The liquidation price is set at $494.55, just $39 beneath the critical support level the chart needs to defend. In essence, the whale is staking everything on that line holding.
a16z-Linked Wallet Drives HYPE Toward $50 Resistance
HYPE is attempting to break above the 0.618 Fibonacci retracement at $44.50. The move comes after a bounce off the ascending trendline that has underpinned price since the yearly low. The first hurdle to overcome is $50, with the all-time high of $59.30 as the more ambitious target.
Daily volume has been declining throughout the pattern, which often reflects quiet accumulation and suppressed activity. The BBWP has just registered a fresh volatility spike. If volume backs the move, the breakout has potential to extend further. The RSI leans bullish near 60.
Wallet 0xb5E4, flagged by Lookonchain as linked to a16z, acquired another 372,000 HYPE over the past three hours in a purchase worth $16.91 million. Total accumulation from that address since April 14 now amounts to 2.11 million HYPE valued at $90.87 million.
Arkham data shows the wallet withdrawing HYPE from Bybit and OKX hot wallets, with the tokens then transferred to a separate holding address. That behavior aligns with long-term position building rather than short-term trading.
Three Setups, Three Whale Archetypes
Each of these positions carries a different profile. The Ethereum trade involves a profitable spot trader pressing into a level the daily chart identifies as pivotal. The Zcash trade is a high-leverage perpetuals bet, with a liquidation price dangerously close to the support being tested. The Hyperliquid activity resembles institutional accumulation, spread across weeks rather than hours.
One detail connects two of the three. The same wallet behind the $19.68 million ZEC long is also running a 10x cross-margin long on 89,200 HYPE, with an entry at $45.67 according to Hypurrscan data.
That overlap makes whale 0x8652 simultaneously the largest on-chain ZEC bull and a significant HYPE bull. Two of this week’s three setups now sit within a single trader’s portfolio.
None of these on-chain signals guarantee follow-through, and leveraged positions can be closed rapidly when key levels fail. What they do, however, is highlight the price zones where the largest tracked whales have committed substantial capital. For traders scanning for opportunities this week, those are the levels worth watching.
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