“Ethereum’s Shark-infested Waters: A Tale of Greed, Glory, and Gas Fees”

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In the murky depths of Ethereum’s blockchain, the so-called “shark wallets” have emerged once more, their jaws snapping hungrily at the digital flesh of Ether. These ruthless predators, holding between 1,000 to 10,000 ETH, have driven the price to a precarious $3,230-a height unseen since the mid-November chill. Santiment, ever the watchful chronicler of crypto’s absurdities, reported this on Thursday, as if it were a solemn proclamation of impending doom.

These wallets, Santiment claims, have been the “key alpha” for Ethereum’s price throughout the cursed year of 2025. Meanwhile, the network itself grows like a cancerous tumor, swelling by 190,000 new wallets in a single day. Such numbers would inspire awe were they not also a reminder of humanity’s insatiable appetite for speculation.

Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin’s price throughout 2025. Additionally, ETH’s network growth just hit 190K new wallets in one day.

– Santiment (@santimentfeed) December 3, 2025

The Fusaka Mirage

This surge follows the much-hyped deployment of the Fusaka upgrade, a supposed beacon of progress in Ethereum’s labyrinthine evolution. Terence Tsao, one of Ethereum’s many self-appointed prophets, declared, “Fusaka went well, and L2s posting blobs without missing a beat.” His words echoed with the hollow optimism of a man who has seen too many upgrades to believe in any.

Fusaka, we are told, is a “key step” on Ethereum’s layer-1+rollup roadmap-a phrase so laden with jargon it could only be uttered by those who have long since lost touch with reality. Higher L1 performance, expanded blob capacity, and lower rollup costs are promised, though history suggests such promises are as reliable as a politician’s vow.

“Two major Ethereum upgrades this year is a huge win,” said Ryan Sean Adams from Bankless, who added, “I haven’t seen builder momentum this strong since the Merge in 2022.”

Meanwhile, Ethereum’s daily gas usage soared to over 200 billion units on December 3, coinciding with Fusaka’s activation. Sam Altcoin, another observer of this digital circus, noted this record with a mix of pride and despair. Analyst Ted Pillows, ever the optimist, suggested that the ETH/BTC ratio might reclaim the 50-week exponential moving average, a development that could-hypothetically-propel ETH and altcoins upward. Hypothetically.

Tom Lee’s Gambit

In the midst of this chaos, Tom Lee has decided to perform the modern equivalent of throwing coins into a wishing well: DCAing ETH. Arkham Intelligence, ever the vigilant scribe, reported on Thursday that Lee had purchased another $150 million worth of ETH, following patterns eerily reminiscent of previous BitMine acquisitions. BitMine itself, now holding a staggering 3.73 million ETH worth nearly $12 billion, continues to buy the dip, as if drowning men clutching at straws.

TOM LEE JUST BOUGHT $150M ETH

Two fresh wallets just withdrew $92M of ETH from Kraken, and $58M from Bitgo, matching prior Bitmine purchase patterns.

Tom Lee is DCAing ETH.

– Arkham (@arkham) December 3, 2025

The Elusive ATH

Despite these machinations, Ethereum’s price remains a shadow of its former self. Though it briefly touched $3,230 during early Asian trading on Thursday, it soon retreated to $3,200, a meager consolation prize for those still clinging to dreams of past glories. Recovery, too, is a relative term: Ether has clawed back 16% from its recent dip, while Bitcoin languishes at a mere 10% recovery. Yet Ethereum remains 35% below its all-time high, and year-to-date, it is still in the red. Such is the fate of those who dare to gamble in the shark-infested waters of crypto.

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2025-12-04 09:54