Ethereum Whales Accumulate at Historic Pace Amidst Market Divergence

Ethereum (ETH) is exhibiting a stark divergence between large-scale investors and the broader market, creating a complex but compelling trading landscape. While the price of ETH has been consolidating, recently trading around $2,610, on-chain data reveals a monumental accumulation trend by its largest holders. This persistent buying by so-called whales and sharks stands in contrast to profit-taking from smaller retail wallets and a recent pause in the institutional inflow streak for U.S.-based spot Ether ETFs. The critical question for traders is whether this massive, under-the-surface buying pressure will be enough to absorb short-term selling and propel ETH to new highs.

On-Chain Data Reveals Unprecedented Buying Spree

The scale of this accumulation is significant and has historical parallels. According to data from the analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added 1.49 million ETH in the past 30 days alone. This buying frenzy represents a 3.72% increase in their total holdings, bringing their control to a substantial 26.98% of the entire circulating supply of Ether. This cohort's aggressive buying suggests a strong long-term conviction, even as price action has remained choppy. Further reinforcing this trend, on-chain intelligence firm Glassnode reported that daily net whale accumulation has surpassed 800,000 ETH for nearly a week. The buying peaked on June 12, when these large wallets added a staggering 871,000 ETH in a single day, the largest net inflow recorded this year. In a powerful historical comparison, Glassnode noted that this scale of sustained buying has not been seen since the bull market of 2017, highlighting the conviction of these major players.

Retail and ETF Flows Tell a Different Story

While whales are buying hand over fist, other market segments are showing signs of caution. The same Santiment analysis that highlighted the whale accumulation also pointed out that smaller, retail-oriented wallets have been net sellers, likely taking profits or de-risking amidst recent price volatility. This dynamic is mirrored in the institutional realm, at least in the short term. Data confirmed by Farside Investors showed that U.S. spot Ethereum ETFs experienced their first day of net outflows on Friday, totaling a modest $2.2 million. This event ended a remarkable 19-day streak of consecutive inflows, signaling a potential cooling of immediate institutional demand through these regulated products. This juxtaposition creates a tense market environment where long-term accumulators are absorbing the supply from short-term sellers and profit-takers.

ETH Technical Outlook: A Battle at Key Levels

From a technical standpoint, ETH is navigating a critical juncture. The price has established a strong support base around the $2,500 psychological and technical level, a zone that has been vigorously defended during recent pullbacks. The 24-hour range for ETHUSDT between $2,548 and $2,643 shows that buyers are stepping in on dips. The massive on-chain accumulation provides a powerful fundamental argument for this support level holding firm. The primary resistance to watch is the area around $2,670 to $2,700, where previous rallies have stalled. A decisive break above this ceiling could validate the whale accumulation thesis and potentially trigger a sharp upward move. The ETH/BTC pair, currently trading around 0.02403, is also showing relative strength with a 1.9% gain in the last 24 hours. This suggests that Ether may be starting to outperform Bitcoin, a traditionally bullish sign for the broader altcoin market. Traders should monitor the interplay between the strong support near $2,500, fueled by whale buying, and the resistance at $2,700. A breakout or breakdown from this range will likely dictate the next major directional move for ETH.