Ethereum Whales Amass ETH in Historic Buying Spree, Defying Market Weakness

Ethereum (ETH) is navigating turbulent waters, with its price consolidating around the $2,439 mark after facing significant selling pressure. The ETHUSDT pair has seen a 24-hour low of $2,374.58, showcasing the prevailing bearish sentiment in the short term. This price action coincides with the first signs of institutional demand waning, as U.S.-listed spot Ethereum ETFs recorded $2.2 million in net outflows on Friday, snapping a remarkable 19-day streak of positive inflows, according to data from Farside Investors. This shift in ETF flows suggests that some institutional players may be taking profits or adopting a more cautious stance following the recent price volatility. However, beneath this surface-level weakness, a powerful undercurrent of accumulation is forming, driven by Ethereum's largest and most convicted holders.

On-chain data reveals a stark divergence between large-scale investors and the broader market. According to analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH, often categorized as 'whales' and 'sharks,' have been on an aggressive buying campaign. Over the last 30 days, these entities have collectively added a staggering 1.49 million ETH to their holdings. This accumulation represents a 3.72% increase in their total balance, bringing their control to an impressive 26.98% of the entire circulating supply of Ether. This strategic buying in the face of price declines indicates a strong long-term conviction and suggests these major players view the current price levels as a significant accumulation opportunity, effectively absorbing the supply being offloaded by smaller, retail-driven wallets.

A Buying Frenzy Not Seen Since 2017

The scale of this accumulation is not just significant; it's historic. On-chain intelligence firm Glassnode corroborated this trend, reporting that daily net whale accumulation has been consistently high, with a peak single-day inflow of over 871,000 ETH on June 12. Glassnode analysts have noted that this level of sustained buying from large-wallet cohorts has not been witnessed since the bull market of 2017. This comparison underscores the magnitude and potential market impact of the current accumulation phase. While the price of ETH has struggled, falling from recent highs, these whales are building substantial positions, potentially establishing a firm price floor and setting the stage for a future supply shock should market sentiment reverse.

From a technical trading perspective, ETH is at a critical juncture. The price is currently contending with immediate support levels. The ETH/BTC trading pair, a key indicator of Ethereum's strength relative to Bitcoin, is trading at approximately 0.02291, having experienced a slight decline. This suggests that while ETH is showing some weakness against the dollar, its performance against BTC is also under pressure. Key support for ETHUSD is now clustered around the $2,375 to $2,400 zone. A definitive break below this area could open the door for further downside. Conversely, if the immense buying pressure from whales continues to absorb selling, it could provide the necessary fuel for ETH to reclaim the psychological $2,500 level and challenge higher resistance. Traders are also watching the broader altcoin market, with Solana (SOL) trading at $148.93, down 2.39%, indicating widespread caution across major assets.

In conclusion, the Ethereum market presents a fascinating and conflicting picture for traders. On one hand, negative price momentum and the reversal in ETF flows signal short-term headwinds. On the other, the historic and aggressive accumulation by whale wallets provides a powerful bullish undercurrent. This battle between short-term sentiment and long-term conviction will likely define ETH's price action in the coming weeks. The critical question is whether the relentless whale demand can successfully counteract the selling pressure and pave the way for a sustained recovery. For now, the $2,400 support level and the ETH/BTC ratio remain the most important metrics to monitor for signs of a potential trend reversal.