Ethereum whales have significantly increased their exposure to ETH over the past month, while smaller investors have been offloading during a period of price stagnation.
Key Takeaways:
- Ethereum whales added $3.8B in ETH over the past month as retail investors took profits.
- Whale activity surged in ENS, lending protocols, and Layer 2 networks like Arbitrum and Optimism.
- U.S. spot Ether ETFs saw $1.37B in inflows over 19 days before momentum paused with a minor outflow.
According to blockchain analytics firm Santiment, wallets holding between 1,000 and 100,000 ETH, categorized as whales and sharks, have collectively added 1.49 million ETH, worth approximately $3.79 billion, over the past 30 days.
The move represents a 3.72% increase in holdings by this cohort, which now controls 41.61 million ETH, or nearly 27% of the total supply.
Whales Accumulate ETH as Retail Takes Profit
Santiment noted that these wallets have been accumulating “as retail traders have taken profit,” a trend often viewed as a sign of institutional confidence during market uncertainty.
Despite this accumulation, Ether’s price has seen only modest gains, rising just 1.8% over the past two weeks and 3.8% in the last 30 days, according to CoinGecko.
ETH currently trades around $2,575, still nearly 48% below its all-time high.
Santiment also reported a sharp uptick in whale activity in Ethereum-related projects.
Ethereum Name Service (ENS) saw a 313.5% rise in whale transactions during the second week of July, while Ethereum-based lending protocols recorded a 203.8% increase.
Activity on Layer 2 networks also picked up, with USDC transfers on Arbitrum and Optimism showing triple-digit growth.
Meanwhile, institutional flows into Ether ETFs have shown similar enthusiasm.
Spot-based Ether ETFs in the U.S. recorded a 19-day inflow streak, bringing in $1.37 billion in total, before breaking the trend with a $2.1 million outflow on Friday, per data from Farside.
The bulk of those inflows went to BlackRock’s iShares Ethereum Trust ETF.
Elsewhere, Ethereum-linked corporate strategies faced turbulence. Shares of SharpLink Gaming plunged 73% in after-hours trading after the company filed to register a large number of shares for potential resale.
The move came just weeks after the firm announced plans to allocate up to $1 billion in proceeds toward ETH purchases.
Ethereum Struggles for Breakout
Ethereum is trading at around $2,628 after a modest intraday gain of 0.76%, as bulls attempt to regain control amid continued sideways price action.
The short-term RSI on the 30-minute chart has reached 75.07, indicating overbought conditions, while the MACD shows positive momentum with widening separation between signal lines.
On the 2-hour chart, ETH is navigating between Bollinger Band support at $2,483 and resistance at $2,602, with price action hugging the upper band.
The RSI stands at 65.40, suggesting bullish momentum remains but could be nearing exhaustion. MACD remains positive but shows signs of flattening, hinting at potential consolidation if momentum fades.
Zooming into the 1-minute chart, volatility remains low with minimal directional movement.
RSI has cooled from intraday highs, currently near 52.20, while the MACD is showing limited strength, suggesting reduced buying pressure in the immediate term.
Despite whale accumulation and institutional inflows, Ethereum continues to struggle with breakout conviction.
A close above $2,630 could open room toward $2,700, while failure to hold support at $2,570 may invite further downside.
The post Ethereum Whales Add $3.8B in ETH as Retail Sells Into Sideways Chop – What is Next for ETH Price? appeared first on Cryptonews.