Ethereum’s largest holders have re-emerged as crypto prices mount a recovery following more than $600 million in long liquidations on Monday.

On-chain data show that one large holder purchased 18,345 ETH, worth roughly $55 million, from BitGo on Tuesday, according to analytics platform Arkham Intelligence.

Another purchased 4,597 ETH worth roughly $13 million from Binance early on Wednesday, while yet another large holder purchased 30,278 ETH worth $91.16 million from Kraken, roughly three hours ago.

Those moves have coincided with a rebound from early December losses, which have lifted Bitcoin, Solana, and other digital assets higher.

Ethereum is up more than 8% over the past 24 hours and is currently trading at $3,015, according to CoinGecko data. Bitcoin is 7% and Solana has jumped more than 10%.

Adding to hopes of continued higher prices, taker buy volume—representing the volume of buy orders filled by takers in perpetual swaps—spiked to $148.7 million across all exchanges on Tuesday. 

The demand hints at a “strong signal of aggressive market buying,” according to a Tuesday tweet from Maarten Regterschot, a verified analyst at CryptoQuant. 

Futures cumulative volume delta, meanwhile, has ticked up relative to spot cumulative volume delta, Velo data shows. 

When perpetual CVD and open interest—representing total open orders—trend higher, it typically shows investors are opening new long positions.

“If we see more DATs trade below mNAV, there will be some acquisitions with institutional investors swooping in for discounted Ethereum,” Stephen Gregory, founder of crypto trading platform Vtrader, told Decrypt. 

“I think the correction has run its course, and the macro tailwinds will push Ethereum back up,” he added.