Ethereum Whales Accumulate $3.8 Billion in ETH as ETF Inflows Pause

Ethereum (ETH) is exhibiting a fascinating divergence in market sentiment, creating a complex but potentially lucrative landscape for traders. While institutional demand via spot ETFs has shown its first sign of cooling, large-scale investors, often termed 'whales' and 'sharks,' have been on a significant buying spree. Over the past 30 days, on-chain data reveals a powerful undercurrent of accumulation that could be setting a strong price floor for ETH. Currently, the ETH/USDT pair is trading around $2,615, demonstrating resilience after a recent pullback and showing a 24-hour gain of over 2.6%. This price action is underpinned by a battle between short-term profit-takers and long-term accumulators, a dynamic that traders must carefully navigate.

On-Chain Data Reveals Major Whale Accumulation

The most compelling bullish signal for Ethereum comes directly from on-chain activity. According to analysis from the crypto analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added 1.49 million ETH to their balances in the last month alone. At current prices, this accumulation represents a staggering capital injection of over $3.87 billion. This sustained buying pressure from some of the market's most influential players increased their total holdings by 3.72%, bringing their control to 26.98% of the entire circulating supply of Ether. This behavior strongly suggests that these sophisticated investors view the recent price consolidation as a prime buying opportunity, possessing a long-term conviction that outweighs short-term market volatility. This persistent accumulation provides a significant demand-side cushion, potentially absorbing selling pressure and establishing a robust support zone.

Contrasting Flows: ETF Momentum Halts

In stark contrast to the aggressive on-chain accumulation, the recently celebrated U.S.-listed spot Ethereum ETFs experienced a minor setback. Data confirmed by Farside Investors showed that on Friday, these investment vehicles registered a net outflow of $2.2 million. While the figure is relatively small in the grand scheme of the crypto market, its significance lies in the fact that it ended a remarkable 19-day consecutive streak of net inflows. This pause could indicate a temporary cooling of institutional demand through this specific channel or simply a period of consolidation after a strong run. It's crucial for traders to contextualize this data point: a $2.2 million outflow is trivial compared to the nearly $4 billion in accumulation by whales over the past month. This suggests the primary driver of demand is currently originating from large, direct holders rather than the newer ETF products.

Ethereum Price Analysis and Key Trading Levels

From a technical standpoint, Ethereum is holding a critical juncture. The price has been consolidating within a range, with the 24-hour low for the ETH/USDT pair at $2,547 and a high of $2,643. The immediate and most critical support level for traders to watch is the $2,500-$2,550 zone. This area represents both a psychological barrier and a technical support region that has held firm during recent tests. The whale accumulation further strengthens the case for this level acting as a demand floor. On the upside, initial resistance lies near the 24-hour high around $2,645. A decisive break above this level could open the door for a retest of previous highs near $2,870. Furthermore, the ETH/BTC trading pair provides additional insight. Currently trading at 0.02414 BTC, it has posted a 24-hour gain of 2.375%. This indicates that Ethereum is currently demonstrating relative strength against Bitcoin, a bullish signal that could attract traders looking for alpha within the crypto market. Traders should monitor the ETH/BTC ratio for continued strength, as a sustained uptrend often precedes broader market-beating performance for ETH.