Ethereum’s largest holders are making strategic moves, quietly accumulating significant amounts of ETH as the market stabilizes above $2,400. This trend, reminiscent of early bull market phases, is drawing attention from both institutional and retail investors, hinting at a possible supply squeeze that could impact prices in the coming months.
Whale Activity Surges Amid Price Consolidation
In June 2025, Ethereum saw a record spike in accumulation activity, with over 600,000 unique addresses actively absorbing ETH. This surge in participation, especially from wallets holding between 1,000 and 10,000 ETH, signals growing confidence among large investors. On June 12 alone, whales added more than 871,000 ETH to their holdings, pushing the total in these wallets to an all-time high of 14,3 million ETH . This level of accumulation is notable, especially as it comes during a period of price consolidation between $2,315 and $2,705, and after a sharp correction from a recent peak near $2,940 .
Institutional Bets Reflect Long-Term Optimism
Institutional players are also making bold moves. For example, SharpLink Gaming recently acquired 188,478 ETH at an average price of $2,513, totaling nearly $473,6 million. The company later deposited 2,993 ETH (worth $7,28 million) into Coinbase Prime, underscoring renewed confidence in Ethereum’s long-term prospects. Such large-scale acquisitions mirror accumulation patterns seen in early 2020, which preceded significant market rallies.
Supply Shock on the Horizon?
The combination of aggressive whale accumulation and reduced market supply is fueling speculation about a potential supply shock. As more ETH is absorbed by long-term holders and institutional wallets, the available supply on exchanges continues to shrink. This dynamic often sets the stage for upward price pressure, especially if demand remains steady or increases.
Market Outlook: Stabilization and Anticipation
Despite recent volatility, Ethereum’s price has stabilized above $2,400, aligning with the intense buying phase observed in June. While retail interest remains relatively subdued, the dominance of institutional and whale activity suggests that the market may be gearing up for a new directional move. If accumulation trends persist, analysts anticipate the possibility of a bullish breakout in the near future.
