Ethereum's Whale Activity and ETF Net Flows
Ethereum's Whale Dance
Institutional titans surreptitiously accumulate Ethereum, maintaining its price at approximately $2,500.
Ethereum, the leading altcoin, has been in the headlines due to its increased activity on the network and the elevated number of whales. Weekly active addresses soared to an all-time high of 17.4 million, suggesting a spike in retail and institutional interest [1].
However, Ethereum Spot ETF netflows, while generally positive for the last six weeks, have shown a slowdown since June 5 [1]. This could be a temporary setback, but it's worth keeping an eye on to see if it becomes a trend.
Whales at Play: Accumulation or Sell-Off?
Whale activity, defined as large transactions by addresses holding 1k to 10k ETH, has been a significant factor shaping Ethereum's price. While some whales have been accumulating ETH, contributing to price rallies, there have been instances of whales selling into strength, causing price pressure [2][3].
A significant transfer of 61,966 ETH (worth approximately $159 million) occurred on June 5 [3]. Such large transfers can impact market sentiment and liquidity. Despite this activity, the whale count has been dwindling over the past two months, which could be concerning but also reflects the speedy recovery Ethereum has experienced [2].
The lack of whale accumulation during the rally is a bit disheartening, but it's crucial to note that from April 2024 to June 2024, the whale count dropped 20%, yet the price continued to rally [2]. This indicates distribution during the rally, but it hasn't materialized based on the metric trends of recent weeks.
Short-Term Outlook: Fluctuations Ahead
Coinglass's whale order data reveals a potential range formation for ETH. There are whale sell orders littered at local highs ($2.7k and $2.8k), while local lows ($2,460 and $2,370) have buy orders. This makes it unclear which way Ethereum will trend next [1]. However, the bullish sentiment generated by Bitcoin's recovery on the weekend and Monday could lead ETH bulls to reap the benefits [1].
Despite the uncertainty around Ethereum ETF net flows [1], it's clear that Ethereum's short-term price movements are heavily dependent on whale activity and broader market sentiment. Whether whales continue to accumulate or sell could significantly impact the direction of Ethereum's price.
[1] Coinglass (2025) Ethereum's Spot ETF netflows slowed since June 5, 2025
[2] Glassnode (2025) Ethereum's whale activity dynamics and trends
[3] Coinglass (2025) Significant transfer of 61,966 ETH observed on June 5, 2025
[4] Coinglass (2025) Whale orders data reveals potential range formation for ETH
[5] Yahoo Finance (2025) Ethereum's price analysis as it approaches $3,000
[6] Investopedia (2022) HODLers: Long-term investors in cryptocurrency
- The current weekly active addresses for Ethereum have reached an all-time high, indicating increased interest in both retail and institutional crypto investors.
- While Ethereum Spot ETF netflows have generally been positive for the last six weeks, they have shown a recent slowdown since June 5, which could be a temporary setback or potentially a trend to watch.
- Large transfers of XRP, such as the 61,966 ETH transfer seen on June 5, can have a significant impact on market sentiment and liquidity in the cryptocurrency technology arena.
- The short-term price movements of Ethereum are heavily dependent on whale activity and broader market sentiment, suggesting that whether whales continue to accumulate or sell could significantly impact the direction of Ethereum's price.
