Ethereum Whales Accumulate 14.2 Million ETH Amid Price Support

Ethereum experienced a notable event on June 30, as whale wallets holding between 1,000 and 10,000 ETH recorded the largest single-day net position increase since 2018. By the end of June, these whale wallets accumulated a total of 14.2 million ETH, marking a substantial surge in holdings. This development is significant as it indicates a renewed interest and confidence among large investors in the Ethereum network.

This significant accumulation coincided with prices trading in the range below $2,500, a zone that has historically defined cycle bottoms. Each cycle, Ethereum’s retest of the $1,550–$2,500 zone marked a macro bottom and sparked a vertical rally. Historically, all prior appearances in this zone in 2017, 2019, 2020 and 2021 were followed by major upward movements. Meanwhile, 2025 could follow suit. Whenever the price reached this zone on the way up, it always caught up and then retested the range before breaking out. At press time, ETH traded around $2,459, right at the cusp of this band.

To supplement this, the on-chain data captured one wallet that lay dormant for more than 1.2 years, eventually waking up. The whale withdrew 1,051 ETH, about $2.58 million, from Binance to a cold wallet. This contributed to increased trading volume of whales, who were probably hoping to see more upward price movement. While buying pressure mounted, so did staking. The percentage of Ethereum staked hit a new all-time high of 29.02% on the 25th of June. This reflects both confidence and a supply reduction narrative, as staked ETH becomes temporarily illiquid. As both staking and large-scale purchasing reduce the circulating supply, the ETH market structure could become tighter, at least in the short term, offering price support.

If history rhymes, ETH could surge toward the $4,000–5,000 region. However, a successful rally requires follow-through. A failure to hold the $2,500 range might trigger a decline to the $1,700 green support band. That makes the $2,460–2,750 range a breakout zone. Until broader market conviction follows through, the setup is ripe—but not sealed.

In conclusion, the largest single-day whale buy since 2018, coupled with the doubling of asset holders and the rise in issuers, indicates a strengthening of Ethereum's position in the cryptocurrency market. While price fluctuations are a natural part of the market, the underlying fundamentals of Ethereum's ecosystem continue to show signs of growth and resilience. Investors and market participants should closely monitor these developments as they could have significant implications for the future of Ethereum.