Ethereum Whales Defy Market Correction, Accumulating ETH at Historic Pace

Ethereum (ETH) is exhibiting a significant divergence between its recent price performance and the on-chain behavior of its largest holders. While ETH has faced bearish pressure, recently trading around $2,615 after a rejection from the $2,673 resistance level, a powerful undercurrent of accumulation is building. The ETHUSDT pair has shown considerable volatility, with a 24-hour range spanning from a low of $2,547 to a high of $2,643. This price weakness, however, appears to be a strategic buying opportunity for well-capitalized market participants, often referred to as whales and sharks. This dynamic presents a complex picture for traders, where short-term technical indicators suggest caution, but long-term on-chain metrics signal profound conviction from major players.

On-chain analytics firms have reported extraordinary buying activity. According to Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added a staggering 1.49 million ETH over the past 30 days. This accumulation spree represents a 3.72% increase in their holdings, bringing their total control to nearly 27% of the entire circulating supply of Ether. This trend highlights a clear split in market sentiment; while smaller retail-oriented wallets have been observed taking profits amidst the price chop, these larger entities are absorbing the supply, suggesting they anticipate future price appreciation. This behavior provides a strong potential price floor, as this cohort is less likely to panic-sell during minor corrections.

A Buying Frenzy Not Seen Since 2017

Further reinforcing this narrative, data from Glassnode indicates that the scale of this whale accumulation is historic. Daily net accumulation by whales has consistently surpassed 800,000 ETH for nearly a week. The most dramatic instance occurred on June 12, when these large wallets added over 871,000 ETH in a single day—the largest net inflow recorded this year. Analysts at Glassnode have noted that this intensity of buying has not been witnessed since the bull market of 2017, a period that preceded a parabolic price increase for Ethereum. This historical parallel suggests that whales are positioning themselves for a potentially significant market shift, possibly driven by upcoming catalysts or a favorable macroeconomic outlook. This persistent buying pressure occurred as ETH retreated from the $2,700 level, indicating a deliberate strategy of accumulating on weakness.

From a trading perspective, this on-chain strength contrasts with some institutional signals. Recently, U.S.-listed spot Ethereum ETFs experienced their first day of net outflows, totaling $2.2 million, which concluded a 19-day streak of positive inflows, according to data from Farside Investors. While a minor figure, it signals a pause in the immediate institutional bid through ETF products. For traders, this means the market is currently being supported more by direct on-chain whales than by traditional finance vehicles. Looking at cross-market pairs, the ETH/BTC chart shows strength, with the ratio climbing 2.375% to 0.02414. This indicates ETH is outperforming Bitcoin in the short term. However, the SOLETH pair, trading at 0.068, is up 2.595%, signaling that Solana (SOL) is currently showing greater relative strength than Ethereum. Traders should monitor the $2,500 level as critical support for ETH. A sustained hold above this psychological and technical floor, backed by continued whale buying, could set the stage for a powerful reversal, targeting the $2,670 and $2,700 resistance zones once again.