The top pairs the whales were trading on the dexes using UniSwapV3 platform is shown on the left.

(The data is from Table - ez_swaps in Uniswapv 3)

To analyze the activity of whales, we consider the cumulative sum of ETH (in USD) which is being bought and sold by these whales in each of the months of Q4 of 2023. We see that whales are buying more ETH than the amount they are selling in each of the months of Q4 of 2023 and the the amounts of ETH they are buying is growing every month. Since whales are buying more than selling, the concentration of holdings is increasing amongst whales.

(This data is from Table - ez_eth_transfers in Core)

The different type of on-chain transacions by the whales is shown on the left. It majorly is just transfers.

(The data is from ez_bridge_activity fro Defi).

Apart from ETH, the whales were also involved in other chains such as Arbitrum, Avalanche and Plygon. The image on the left sumarizes the other chains used by whales and the number of whales that use them respectively. All the chains that whales participated in generally have a upward trend of coin prices.

(Data is from dim_labels of each coin/chain)

We see that whales were pretty active in the Q4 of 2023. They were buying a lot more ETH than they were selling. This in general is a positive sign, as it indicates expectations of increase in prices of ETH. However, if the whales hold ETH for a long time, the liquidity decreases and prices would fall. Q4 of 2023 saw ETH prices increase by 35% . Spot Bitcoin ETF approval will be a key catalyst for a price rally and also set a precedent for ETH ETF approvals in Q2 and Q3 2024. All these factors, combined with whales' actions, makes me bullish on the prices of ETH going into 2024.