Ethereum's on-exchange supply ratio has dropped to 2016 levels despite circulating supply growth.Major investors, referred to as 'whales,' are accumulating Ethereum instead of selling.In the past 96 hours, whales have purchased over 280,000 ETH, valued at $1 billion.Ethereum ETFs experienced a record net inflow of $332.9 million on November 29, indicating growing interest and confidence among investors.