Ethereum (ETH) is exhibiting a fascinating divergence between short-term price action and long-term holder conviction. While the price has faced headwinds, recently trading around $2,593 after a volatile session, on-chain data reveals a staggering accumulation trend by large-scale investors. According to analysis from the crypto intelligence platform Santiment, wallets holding between 1,000 and 100,000 ETH—often categorized as whales and sharks—have collectively added a remarkable 1.49 million ETH over the past 30 days. This aggressive buying represents a 3.72% increase in their combined holdings, bringing their total control to a significant 26.98% of the entire Ether supply. This sustained accumulation in the face of price consolidation suggests a strong belief in ETH's long-term value proposition among its most influential holders.

Whale Conviction vs. Retail Profit-Taking

The market is currently defined by a clear split in behavior. While large entities are buying the dip, data from Santiment indicates that smaller, retail-driven wallets have been taking profits or reducing their exposure. This divergence is a classic market signal, often suggesting that sophisticated, patient capital is absorbing supply from less-convicted, short-term focused market participants. The persistent accumulation by whales provides a strong underlying support structure for the price of ETH. As these large wallets remove liquidity from the market, it can create a supply shock that cushions further downside and lays the groundwork for a potential price recovery once broader market sentiment shifts.

ETF Outflows and Technical Support

This bullish on-chain picture is contrasted by recent institutional flows through exchange-traded funds (ETFs). Data confirmed by Farside Investors showed that U.S.-listed spot Ethereum ETFs experienced their first day of net outflows on Friday, totaling $2.2 million. This event ended a notable 19-day streak of consecutive inflows, signaling a potential cooling of immediate institutional demand via these new products. Despite this, Ether’s price has demonstrated resilience. After pulling back from highs near $2,870, ETH has managed to hold the critical psychological and technical support level around $2,500. The 24-hour trading range for the ETHUSDT pair, for instance, saw a low of $2,432.82 before recovering to trade above $2,590, indicating buyers are actively defending this zone.

A Buying Spree Not Seen Since 2017

Further corroborating the intense accumulation is data from Glassnode, which highlights the historic scale of this buying activity. Analysts at Glassnode noted that daily net whale accumulation has surpassed 800,000 ETH for nearly a week. A peak was observed on June 12, when these large wallets added an astonishing 871,000 ETH in a single day—the largest net inflow recorded in 2024. Crucially, Glassnode analysts stated that this scale of sustained buying from whale cohorts has not been seen since the bull market of 2017. This historical parallel underscores the significance of the current trend, suggesting that major players are strategically positioning themselves for what they may anticipate as a significant future price appreciation, undeterred by short-term volatility or wavering ETF flows.

From a trading perspective, the key battleground remains clear. The ETH/USD pair is currently contending with immediate resistance, having recovered from its 24-hour low. A decisive break and hold above the $2,600-$2,620 zone could signal a continuation of the recovery, potentially targeting higher resistance levels. Conversely, a failure to hold the $2,500 support could invite further selling pressure. The ETH/BTC ratio, trading around 0.02358, has shown a 3.5% gain, suggesting ETH is currently outperforming Bitcoin. This relative strength could attract traders looking for alpha within the crypto market. Ultimately, traders are watching to see if the immense buying pressure from whales, a phenomenon not witnessed in years, will be enough to overpower the short-term bearish sentiment and catalyze the next major leg up for Ethereum.