In recent weeks, Ethereum’s market has revealed a clear divide between large-scale investors and everyday traders. While the price of ETH has hovered in a relatively narrow range, wallets holding between 1,000 and 100,000 ETH—commonly referred to as “whales” and “sharks”—have been steadily increasing their holdings. Meanwhile, many retail investors have opted to take profits, reducing their exposure as the market consolidates 1 2 3.
Whale Accumulation Signals Institutional Confidence
On-chain data from Santiment shows that these large holders have added nearly 1.5 million ETH to their wallets over the past month, representing a 3.7% increase in their combined balances. This brings their total holdings to over 41 million ETH, or about 27% of the total circulating supply 1 3. Such accumulation suggests that institutional players and high-net-worth individuals see long-term value in Ethereum, even as short-term price action remains subdued.
Price Action: Sideways but Resilient
Despite the significant whale activity, Ethereum’s price has only seen modest gains—up about 5% over the last month and currently trading just above $2,600, still well below its all-time high 1 3. Technical analysis points to a key resistance level at $2,620; a breakout above this could signal renewed momentum for ETH 4 1. For now, the market appears to be in a holding pattern, with neither buyers nor sellers showing decisive control.
Layer 2 and DeFi Activity on the Rise
Beyond simple accumulation, whales are also directing capital toward Ethereum’s broader ecosystem. Transaction volumes in services like the Ethereum Name Service have surged over 300% in recent weeks, while lending protocols have seen activity more than double. Transfers of stablecoins such as USDC on layer 2 networks—including Base, Arbitrum, and Optimism—have also posted triple-digit growth. This uptick highlights growing adoption of Ethereum’s scaling solutions and decentralized finance (DeFi) platforms, even as spot trading remains muted.
XRPUSD trading at $2,624 on the 24-hour chart: TradingView
ETF Inflows Reflect Ongoing Institutional Interest
Institutional appetite for Ethereum is further evidenced by the performance of US spot Ether ETFs. These products saw 19 consecutive days of inflows, totaling $1.37 billion—primarily into BlackRock’s iShares Ethereum Trust—before a minor outflow of just over $2 million interrupted the streak. This trend underscores the continued interest from large financial firms, even as retail participation wanes.
Market Outlook: Quiet Accumulation Sets the Stage
The current environment is characterized by strategic accumulation from whales and institutions, increased activity in Ethereum’s DeFi and layer 2 sectors, and cautious profit-taking by retail investors. Should a clear catalyst emerge—such as a technical breakout or a surge in network activity—the groundwork laid by these large holders could amplify any upward price movement.
