Ethereum Whales Accumulate Amidst ETF Outflows as Bitcoin Whales Stir

The cryptocurrency market is witnessing a significant divergence between large-scale investors and short-term market participants, particularly in Ethereum (ETH). While Ether's price hovered around $2,508 on June 14, a fascinating trend has emerged from on-chain data. According to analysis from the crypto intelligence platform Santiment, wallets holding between 1,000 and 100,000 ETH, often categorized as sharks and whales, have been on a remarkable buying spree. Over the past 30 days, these influential addresses have collectively added 1.49 million ETH to their holdings. This represents a substantial 3.72% increase in their total balance, bringing their control to an impressive 26.98% of the entire circulating supply of Ether. This persistent accumulation suggests a strong long-term conviction among major stakeholders, who appear to be capitalizing on recent price dips to strengthen their positions, even as smaller retail wallets have shown signs of profit-taking.

This bullish on-chain activity from whales contrasts sharply with recent institutional flows observed in the U.S. spot Ethereum ETF market. After an impressive 19-day streak of positive inflows, these newly launched financial products experienced their first day of net outflows on Friday, totaling $2.2 million. Data confirmed by Farside Investors marks this shift as a potential, albeit minor, sign of cooling institutional demand. This reversal could indicate that some ETF investors are securing profits after the initial launch excitement or are reacting to broader macroeconomic uncertainties. For traders, this creates a complex picture: long-term holders are buying the physical asset aggressively, while some regulated, exchange-traded product holders are beginning to sell. The key battleground for ETH price remains the crucial $2,500 support level, which has so far held firm despite these conflicting pressures.

Ancient Bitcoin Wallets on the Move

While Ethereum's market dynamics present a push-and-pull scenario, the Bitcoin (BTC) network saw a jolt of activity from some of its earliest participants. On-chain observers, citing data tracked by Lookonchain, noted the movement of a staggering 20,000 BTC. Two wallets, dormant for nearly 14 years, transferred these coins, which were first acquired on April 3, 2011, when Bitcoin's price was a mere 78 cents. At the time of the recent transfer, with BTC trading significantly higher, the value of this transaction exceeded $2 billion. Such movements from long-dormant wallets often trigger speculation about an impending sale. However, a crucial detail for traders is the destination of these funds. The 20,000 BTC were moved to new, non-exchange addresses that have since remained inactive. This suggests the transfer might be for security purposes, such as upgrading wallet infrastructure, rather than an immediate prelude to liquidation on the open market. While the move doesn't eliminate the risk of future selling, it significantly reduces the immediate threat of downside price volatility.

Trading Outlook and Key Levels

From a technical standpoint, Ethereum has demonstrated resilience. Over the past 24 hours, ETH traded within a tight range between $2,499.39 and $2,580.53. After a brief dip below the psychological $2,500 mark, the price rebounded, with a notable surge in volume during the late trading session, suggesting buyers stepped in to defend this level. This area is now a critical short-term support zone, reinforced by the heavy whale accumulation detailed by Santiment. A sustained hold above $2,500 could set the stage for a retest of resistance levels closer to $2,600. The ETH/BTC trading pair, priced around 0.02358 BTC, also warrants attention. A strengthening ETH/BTC ratio could signal that capital is rotating from Bitcoin into Ethereum and other altcoins, potentially leading to outperformance. Traders should monitor both the USD and BTC pairings, alongside whale activity and ETF flows, to navigate the current market landscape effectively. The divergence between strong-hand accumulation and institutional outflows will likely define ETH's price action in the coming weeks.