Ethereum News Today: Ethereum Whales Buy $850M, 23.5% Supply, as Exchange Holdings Hit 10-Year Low, ETFs Attract $5B in 17 Days

Recent developments in the Ethereum (ETH) market suggest a potential upturn in price dynamics, driven by significant accumulation activity from large investors. Over the past 48 hours, institutional and high-net-worth investors—commonly referred to as "whales"—have acquired approximately 220,000 ETH, valued at nearly $850 million at current price levels [1]. This represents a sharp increase in buying pressure, with these investors now controlling 23.5% of ETH’s circulating supply [1]. Such activity reduces the amount of ETH available for trading and may signal growing confidence in the asset’s future performance, potentially triggering further price appreciation through reduced supply and sustained demand [1].

Complementary bullish indicators include a decline in Ethereum’s exchange-held supply. Over the past 30 days, approximately 1 million ETH has been withdrawn from centralized platforms, bringing the total exchange-held supply to its lowest level in nearly a decade, at around 19 million tokens [1]. This trend typically correlates with reduced immediate selling pressure, as large holders are less likely to offload assets when they are no longer stored on liquid markets.

A third driver of optimism is the inflow into spot Ethereum ETFs, which have attracted roughly $5 billion in 17 days as of July 28 [1]. This surge in capital underscores growing institutional and retail interest in ETH as a tradable asset, with the last recorded outflow occurring on July 2 [1]. Analysts from Mitrade note that Ethereum has been consolidating within a defined price range for an extended period, and sustained institutional buying could catalyze a breakout if demand continues to outpace selling pressure [2]. However, they caution that macroeconomic factors—including interest rate expectations and equity market performance—remain critical variables in determining Ethereum’s trajectory [2].

Market observers have also highlighted price-related signals. X users such as Ali Martinez and Michael van de Poppe have posited that a breach above $4,100 could trigger further upward momentum, with van de Poppe predicting consolidation at that level before additional gains [1]. Historical data from Phemex indicates that large-scale whale purchases often precede periods of heightened volatility, particularly in the absence of major regulatory or protocol developments [1]. Such patterns were observed in prior market cycles, where coordinated buying temporarily altered short-term price action despite broader market trends [1].

While whale activity and exchange outflows provide a strong foundation for optimism, analysts emphasize the need to consider broader economic context. Mitrade’s July 28 analysis notes that regulatory clarity in key jurisdictions could either accelerate or delay Ethereum’s next major price movement, underscoring the asset’s sensitivity to evolving policy frameworks [2].

Source: [1] Ethereum Whales Acquire $840 Million in ETH, [https://phemex.com/news/article/ethereum-whales-acquire-840-million-in-eth-over-48-hours_13944] [2] Ethereum Is About To Breakout Of Massive Consolidation ..., [https://www.mitrade.com/insights/news/live-news/article-3-991888-20250728]