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Ethereum Whales Buy the Dip While Retail Traders Take Profits—Market Outlook
Ethereum Whales – Over the past month, significant Ethereum (ETH) holders—specifically wallets containing between 1,000 ETH (whales) and 100,000 ETH (sharks)—have aggressively accumulated a net total of 1.49 million ETH worth approximately $3.79 billion, according to Santiment’s data shared on June 13. This purchase spree represents a 3.72% increase in their collective holdings, which now stand at 41.61 million ETH, nearly 27% of Ethereum’s current circulating supply as of June 12.
Whales and Sharks Boost Positions While Retail Traders Take Profits
Santiment highlighted that while these large holders have been increasing their Ethereum stacks, retail investors have been cashing out, opting to take profits amid the sideways price action. Despite this significant buying, Ether’s price has only inched up modestly—1.8% over the past 14 days and 3.8% over 30 days, trading around $2,575, which remains roughly 48% below its all-time high.
Growing Whale Activity in Ethereum’s DeFi Ecosystem
Ethereum’s decentralized finance (DeFi) sector has also seen an uptick in whale activity. Notably, Ethereum Name Service (ENS) transaction volume surged by 313.5% in the second week of July, while the Ethereum lending protocols saw a 203.8% increase in whale transactions, Santiment reported. Additionally, Layer 2 protocols such as the Virtual Protocol and stablecoin USDC transfers on Arbitrum and Optimism experienced triple-digit growth, signaling increasing institutional and large-holder adoption of Ethereum’s scaling solutions.
Institutional Demand Reflected in Spot ETH ETF Inflows
Institutional interest in Ethereum was further evidenced by a 19-day inflow streak into US-based spot ETH ETFs, primarily the BlackRock-issued iShares Ethereum Trust ETF, which collectively attracted $1.37 billion before the streak ended with a net outflow of $2.1 million on Friday, per Farside data.
In related news, shares of SharpLink Gaming, a sports betting platform with an Ethereum treasury strategy, plunged 73% in after-hours trading last Thursday. This followed the company’s announcement of plans to sell up to $1 billion in common shares to fund additional ETH purchases. SharpLink chairman Joseph Lubin—also CEO of blockchain firm Consensys—clarified that the market misunderstood the filing, asserting the move was part of a long-term strategy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
