Ethereum Whales Engage in Historic Buying Spree as ETH Price Wavers

Ethereum (ETH) is navigating a complex and divergent market landscape. While the price has faced downward pressure, recently trading around $2,555 on the ETH/USDT pair, a powerful undercurrent of accumulation by large holders is painting a starkly different picture. On-chain data reveals a significant divergence between large-scale investors, often termed 'whales' and 'sharks', and smaller retail participants. According to analysis from Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added a staggering 1.49 million ETH over the last 30 days. This represents a 3.72% increase in their holdings, bringing their total control to 26.98% of the entire circulating supply. This aggressive buying stands in contrast to the behavior of smaller wallets, which have reportedly been taking profits, suggesting a potential transfer of assets from short-term traders to entities with a long-term conviction.

The scale of this accumulation is not just significant; it's historic. Data from Glassnode corroborates this trend, highlighting that the daily net accumulation by whale wallets has surpassed 800,000 ETH for nearly a week. One of the most notable days was June 12, which saw a single-day net inflow of over 871,000 ETH into these large wallets. Glassnode analysts have noted that this level of sustained buying from major players has not been witnessed since the bull market of 2017. This comparison underscores the intensity and conviction behind the current accumulation phase. While the price of ETH retreated from highs near $2,700, these large entities have consistently treated the dips as strategic buying opportunities, potentially building a strong support base for the asset.

Institutional Flows and Technical Support Levels

Despite the bullish on-chain signals from whales, the broader institutional sentiment via regulated products has shown signs of cooling. Data confirmed by Farside Investors revealed that U.S.-listed spot Ethereum ETFs experienced their first day of net outflows on Friday, June 14, totaling $2.2 million. This outflow ended a remarkable 19-day streak of consecutive net inflows, indicating a potential short-term pause in demand from this specific institutional channel. This temporary reversal in ETF flows, combined with retail profit-taking, contributed to the selling pressure that pushed ETH to test key support levels. The price recently dipped below the psychologically important $2,500 mark before staging a recovery, with the 24-hour low for the ETH/USDT pair hitting $2,488.33.

From a technical trading perspective, ETH is at a critical juncture. The price was sharply rejected near the $2,673 level, triggering a sell-off that broke through initial supports. The immediate challenge for bulls is to reclaim and hold the $2,500 level, which now acts as a pivotal support zone. The massive whale accumulation provides a strong fundamental argument for this level holding. If selling pressure continues, the next major support area could be found lower, but the on-chain demand suggests buyers are waiting. On the upside, significant resistance is now established between $2,650 and $2,700. The ETH/BTC pair, trading around 0.02351, has shown some resilience, suggesting ETH is holding its ground relative to Bitcoin. Traders are also observing the SOL/ETH ratio, which stands at approximately 0.068, as capital rotation between major Layer 1 ecosystems remains a key market theme. The current consolidation around $2,550, with a 24-hour high of $2,568.49 on the ETH/USDT pair, indicates a tense equilibrium between bearish technical momentum and profound on-chain strength.