Ethereum (ETH) is exhibiting a striking divergence between short-term price action and long-term holder conviction. While recent market performance has been lackluster and spot ETFs have seen outflows, on-chain data reveals a powerful accumulation trend among major investors. As ETH trades around $2,593 after volatile swings, large-scale wallets are making bold moves — signaling deep confidence in Ethereum’s future despite macro headwinds.
According to analytics firm Santiment, addresses holding between 1,000 and 100,000 ETH — commonly referred to as whales and sharks — have collectively added 1.49 million ETH over the past 30 days. This aggressive buying spree increased their total holdings by 3.72%, pushing their control of the overall ETH supply to a significant 26.98%. Such sustained accumulation during a period of price consolidation underscores strong belief in Ethereum’s long-term value proposition among the most influential market participants.
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Whale Conviction vs. Retail Profit-Taking
A defining feature of the current market is the behavioral split between large investors and smaller retail holders. Santiment’s data shows a clear contrast: while institutional-grade entities are buying the dip, smaller, retail-driven wallets are cashing out profits or reducing exposure. This divergence is a classic market signal — often interpreted as experienced, patient capital absorbing supply from less committed, short-term traders.
The ongoing whale accumulation creates a robust foundational support layer for ETH’s price. By removing substantial liquidity from circulation, these large wallets reduce available sell pressure, potentially cushioning further downside. More importantly, this behavior sets the stage for a powerful rebound when broader market sentiment shifts back toward optimism.
Such strategic accumulation isn’t just defensive — it may be prelude to offensive price action. With whales tightening their grip on supply, any resurgence in demand could trigger a supply squeeze, amplifying upward momentum.
ETF Outflows Meet Technical Resilience
Contrasting this bullish on-chain narrative are recent outflows from spot Ethereum ETFs. Data confirmed by Farside Investors shows that U.S.-listed Ethereum ETFs experienced their first daily net outflow — totaling $2.2 million — ending a 19-day streak of consecutive inflows. This development suggests that direct institutional appetite via these new investment vehicles may be cooling temporarily.
Yet, Ethereum’s price has shown notable resilience. After peaking near $2,870, ETH pulled back but successfully defended the critical psychological and technical support level at **$2,500. For example, the ETH/USDT pair dipped to a 24-hour low of $2,432.82** before rebounding above $2,590 — a clear sign that strong buying interest exists at these levels.
This ability to hold key support despite negative fund flows highlights underlying strength. It suggests that while ETF demand may fluctuate, organic market dynamics — driven by whale activity and network fundamentals — continue to provide structural support.
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A Buying Frenzy Not Seen Since 2017
Glassnode’s data reinforces the scale and significance of this accumulation wave. Analysts report that whale net inflows have exceeded 800,000 ETH per day for nearly a week — an extraordinary pace. On June 12, large wallets absorbed a staggering 871,000 ETH in a single day, marking the largest daily net inflow recorded so far in 2025.
More importantly, Glassnode emphasizes that such sustained, high-volume whale buying hasn’t been observed since the 2017 bull run. The historical parallel is not trivial — it suggests that major players are making strategic, long-term bets on Ethereum’s trajectory, unfazed by short-term volatility or temporary ETF stagnation.
This kind of accumulation often precedes major market turns. When whales act with such coordination and scale, it typically reflects confidence in upcoming catalysts — whether technological upgrades, regulatory clarity, or broader macro adoption.
Key Levels to Watch: Will Bulls Regain Control?
From a technical perspective, the battleground remains well-defined:
- Immediate Resistance: The $2,600–$2,620 zone is critical. A decisive break and close above this range could reignite bullish momentum and open the path toward $2,750 and beyond.
- Support Floor: The $2,500 level continues to serve as a psychological anchor. Failure to defend it might trigger extended selling pressure, potentially testing $2,400.
- Relative Strength: Notably, the ETH/BTC exchange rate has climbed to 0.02358, up 3.5%, indicating Ethereum is outperforming Bitcoin. This relative strength often attracts momentum traders seeking alpha within the crypto market.
Market participants are now watching closely: Can this multi-year-high whale accumulation overpower short-term bearish sentiment and spark the next major leg up for Ethereum?
Frequently Asked Questions (FAQ)
Q: What does whale accumulation mean for Ethereum’s price?
A: Heavy buying by large holders typically reduces circulating supply and signals long-term confidence. Historically, such activity precedes significant price increases once market sentiment improves.
Q: Why are ETH ETFs seeing outflows if whales are buying?
A: ETF flows reflect short-to-medium-term institutional sentiment and can be influenced by macro factors or portfolio rebalancing. In contrast, whale accumulation reflects deeper conviction in Ethereum’s fundamentals and long-term potential.
Q: Is holding above $2,500 a strong sign for ETH?
A: Yes. The $2,500 level acts as both psychological and technical support. Successfully defending it after a pullback suggests strong underlying demand and buyer confidence at lower prices.
Q: How rare is this level of whale activity?
A: Extremely rare. According to Glassnode, this sustained accumulation pace hasn’t been seen since 2017 — a period that preceded one of the most explosive bull markets in crypto history.
Q: What could trigger the next major move for Ethereum?
A: Potential catalysts include progress on scalability upgrades (like proto-danksharding), increased institutional adoption post-ETF launch, rising DeFi and NFT activity, or favorable regulatory developments.
Q: Should retail investors follow whale activity?
A: While not a guaranteed indicator, tracking whale behavior provides valuable insight into market sentiment. Combining on-chain data with technical and fundamental analysis can improve decision-making.
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Final Outlook
Ethereum stands at a pivotal moment where conflicting forces — ETF outflows versus historic whale accumulation — are shaping its near-term path. While short-term price action remains range-bound, the underlying on-chain narrative is strongly constructive.
The fact that whales are accumulating at a pace unseen since 2017 suggests they anticipate substantial future upside. Their actions imply that current price levels are seen as undervalued relative to Ethereum’s long-term potential.
For traders and investors alike, the message is clear: while headlines may focus on ETF flows and daily volatility, the smart money is quietly building positions. Whether this sets the foundation for a breakout or merely delays a deeper correction remains to be seen — but one thing is certain: when whales move in unison, markets tend to follow.
Core Keywords: Ethereum, ETH price, whale accumulation, ETH ETF outflows, on-chain data, crypto market analysis, ETH support level, Glassnode