Ethereum Surges 31.88% Despite $60M ETF Outflows

Ethereum experienced a significant surge, rallying 31.88% in under three trading sessions. This breakout was unusual as it occurred despite nearly $60 million exiting ETFs. Typically, such outflows would be expected to slow down the price momentum, but Ethereum defied this trend, bulldozing through resistance levels and reclaiming its monthly highs. This divergence suggests that the price action is being driven more by spot demand rather than institutional flows.

According to analysts, this setup is a textbook example for a FOMO (Fear Of Missing Out) ignition, where initial spot demand gives way to smart money rotation chasing asymmetrical upside. Ethereum’s whale activity has been moving inversely to its price action. Since the mid-December peak of $4,000, the number of whale addresses holding more than 1,000 ETH has been increasing. These high-net-worth wallets are currently in the red, stuck in unrealized losses, and are waiting for any opportunity to either break even or snag a quick profit. For instance, when ETH skyrocketed 30% to $2,345 on the 9th of May, the whale cohort shrank from 4,945 to 4,913, indicating that even the so-called smart money is adding weight to the bearish pressure, either sitting tight or bailing out of the market.

Despite this bearish sentiment, Ethereum’s breakout is defying the gravity of the market pressure. Fueled by the Pectra upgrade, growing dominance in real-world asset (RWA) tokenization, and a cleaner ecosystem narrative, ETH is staging what market makers are calling a “structural cleanup.” For the first time in a while, Ethereum seems to be shaking off its “identity crisis,” and the on-chain metrics are backing up the momentum.

Ethereum’s breakout is reigniting FOMO. ETF flows have flipped green, pulling in nearly $18 million in fresh capital. Meanwhile, whales are re-entering the arena – addresses holding over 10k ETH have finally turned net positive over the past 30 days, marking the first accumulation uptick in three months. Historically, this kind of accumulation by mega-whales has been a reliable precursor to Ethereum’s parabolic expansions. It’s a clear signal: smart money is eyeing higher beta, and ETH is back on their radar.

The $2,000 breakout didn’t happen in a vacuum. It was fueled by aggressive bid-side support, suggesting this isn’t just a short squeeze, but the beginning of a structural shift in demand. If sustained, Ethereum could be gearing up for a fresh leg higher. Mega-whales showing up at the top is rarely random — ETH might just be back in “market mover” mode.