• Ethereum whales are actively accumulating, with recent large transactions indicating renewed confidence.

  • Anticipation of an Ethereum ETF approval has driven significant institutional inflows, indicating bullish sentiment.



The rise in Ethereum [ETH] prices has triggered an increase in activity from large holders, often referred to as whales.

After a week of downward momentum, the price of ETH has rebounded, triggering a large number of transactions from whales.

As of now, Ethereum is trading at $3,113.58 with a 24-hour trading volume of $14,340,649,075, according to CoinGecko.

Although the cryptocurrency has lost 7.46% in the past seven days, the price has increased by 1.07% in the past 24 hours.

The price increase catalyzed the accumulation of whales, indicating a potential shift in market sentiment.


Mass whale migration


Recent on-chain data shows that Ethereum whale activity is very active.

Notably, on-chain data provider Spot On Chain reported that an Ethereum whale withdrew 16,449 ETH, equivalent to $50.3 million, from cryptocurrency exchange Binance [BNB].

The move came as ETH surged above $3,000 and marked the first significant accumulation by a new whale address. The withdrawn ETH has now been transferred to the new wallet and remains there.

Additionally, Whale Alert noticed another large transaction involving 9,966 ETH, equivalent to approximately $30.6 million, transferred from the Kraken exchange to an unknown wallet.

This activity is consistent with a broader trend of whales resuming accumulation of ETH after a period of distributions.

Ali, a well-known analyst at X, commented:

“After a brief distribution period,#Ethereumwhales are accumulating $ETH again!”

The number of addresses holding more than 10,000 ETH began to decline in mid-April and began to rise again in early July.

This trend suggests that some whales reduced their holdings during the price drop but are now increasing their positions.

The timing of these massive withdrawals and accumulations coincides with the market’s anticipation for the Ethereum ETF, which is expected to go live next week.

The development is a potentially bullish sign for Ethereum as it could attract more investment and push prices higher.


Potential impact of Ethereum ETF approval

Bitwise Chief Compliance Officer Katherine Dowling confirmed that approval for a U.S. spot Ethereum ETF is imminent.

Analysts expect approval to come around July 18 as the issuer files its S-1 amendment.

This led to a surge in inflows into Ethereum investment products, with institutional investors starting to accumulate ETH ahead of the ETF approval.

Ethereum investment products saw inflows of $10.2 million last week, indicating growing interest from institutional investors.


The above is only a personal opinion and does not constitute investment advice. The cryptocurrency market is risky, so think twice before investing!

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