Ethereum Whales Accumulate 301,000 ETH as Buying Pressure Rises 108,000 ETH

Ethereum (ETH) has once again become a focal point for major investors, with recent data indicating a resurgence in activity from large holders, commonly referred to as whales. After a period of relative inactivity, these whales are showing renewed interest in accumulating ETH. According to CryptoQuant data analyzed by crypto analyst Dark Frost, Ethereum’s Average Order Size on Binance surged in May 2025 for the first time since December 2023, suggesting a renewed appetite for accumulation.

Despite Ethereum’s recent trading range between $2,400 and $2,700, which has limited price action despite rising buying pressure, whales are making strategic moves. Data from CryptoQuant highlights that large ETH transactions have reappeared on Binance since May 19, 2025. This shift is evident in the Average Order Size metric, which increased after months of inactivity. During the price recovery earlier this month, whale activity spiked to 10,000 daily transactions, only to fade as prices stagnated.

On-chain metrics now indicate a potential turnaround. IntoTheBlock data confirms that large ETH holders have cumulatively acquired 301,000 ETH recently. More significantly, the Large Holders Netflow swung from negative to a positive 108,000 ETH, indicating that whales are buying more than they are selling. As of June 1, 2025, Ethereum’s price hovered around $2,512, down 0.38% for the day. This shift in whale behavior coincides with a decrease in Ethereum’s Exchange Netflow, which tracks the net amount of ETH moving in and out of exchanges. This figure flipped negative from a recent high of 42,000 ETH, suggesting accumulation as more coins move off exchanges into private wallets.

Smaller investors are also following the trend. Spot market data shows a cumulative volume delta of +6,350 ETH, reflecting buying activity outpacing selling pressure. Buyers acquired approximately 57,300 ETH over the same period. Despite the rising accumulation, Ethereum’s price remains in a consolidation phase. Technical indicators show that ETH is trading below its key simple moving averages (SMA), with the daily 50-SMA and 200-SMA at $2,250 and $2,300, respectively. This suggests that while large holders are increasing their positions, market sentiment has yet to turn fully bullish.

Dark Defender, a prominent technical analyst, pointed out earlier patterns where whale reaccumulation often precedes breakout movements. However, the data shows that while the whales absorb sell pressure, resistance levels around $2,700 remain intact. This leaves Ethereum in a tug-of-war between buyers and sellers. The critical question is whether the sustained accumulation by whales and retail investors can tip the scales. If buying pressure continues and breaks the $2,700 resistance, it could pave the way for a new upward trend.

For now, Ethereum’s price movements remain range-bound. But with large holders positioning themselves early and net flows signaling a shift toward accumulation, the groundwork may be in place for a potential breakout—if the broader market conditions align.