- The Ethereum ETF of BlackRock accumulated inflows to the tune of 1.7 billion in 10 days.
- After falling below the 3400 mark over the weekend, the ETH price recovered to 3560.
Ether mega whales are in a rampage to buy during this weekend’s price crash. Ethereum (ETH) is regaining, and on-chain data indicates that there is massive whale activity.
An influential whale bought 300 million ETH in over-the-counter purchases at Galaxy Digital, according to blockchain analytics firm Arkham Intelligence. At the moment, this one address contains 79,461 ETH, which is worth around $282.4 million.
Source – intel.arkm.com
In addition, over the past 10 trading days, the BlackRock iShares Ethereum Trust ETF has experienced a massive 1.7 billion influx. In the meantime, the holdings in Ethereum exchange-traded funds spiked more than 40 percent during the previous month, as per Dune Analytics.
Source: Dune Analytics
Mega Whales Surge Past 200 New Addresses
Source: Glassnode
The data provided by Glassnode indicates an increase in the number of addresses containing 10,000+ ETH, which is referred to as a rise of mega whales. Nearly 200 of these wallets have been introduced since July, some of which are custodial and exchange-managed. Accumulation by these large holders has been relentless.
Source – X
The prices of ETH dropped to under $3,400 during the weekend but recovered within a short time to regain the $3,560 mark. AliCharts on X marked the levels of ETH price of support at $2,924 and $2,750.
CoinW Exchange Monika Mlodzianowska said that relaxing monetary policies could practically bring a bullish wave to crypto soon, to counter sell-offs.
Structural Strength Behind ETH Dip Buying
According to Glassnode, Ethereum is experiencing a mega whale accumulation process that is faster than pre-rally in the middle of 2022 when its price rallied by 95%. Since October 2024, the total amount of Ethereum held by mega whales has climbed to above 41 million, a 9.31% rise.
The pace at which the whales are accumulating is indicating an unspoken accumulation that would be an upside. This is followed by the increased inflows to Ethereum-focused ETFs, which further reinforces the interest of institutions.
Although the ETH has recorded bearish Augusts in the past, surges in the number of whale purchases may be signs of a change. Moreover, throughout the weekend, Eric Trump tweeted an encouragement to take advantage of the price drop in Ethereum and Bitcoin.
These mega wallets currently own a ratio of the ETH that amounts to almost 27 percent of the total supply, which highlights their influence in the market (Santiment, June data).
Whales and sharks are increasing their positions, particularly in Ethereum-based DeFi and Layer 2 protocols, where the number of transactions explodes.
The data show that there is a high conviction in long-term expectations of Ethereum among long-term investors despite the volatility in the short term. ETH’s recovery post-weekend dip reflects this strategic positioning.
