‘ETH Whales Are Back’ — Glassnode Says Buying Activity Mirrors 2017 Boom

Ethereum Slides Below $2,560 Amid Market Pressure, But Whale Accumulation Signals Long-Term Confidence

Ethereum’s native token ETH slipped to $2,555.77 on Tuesday, marking a 3.7% daily loss as the asset struggled to hold ground after a rejection near $2,673. The drop followed several sessions of declining momentum, culminating in a sharp sell-off late Monday that breached support and sparked a wave of selling across key trading pairs.

Despite the short-term weakness, large investors appear unfazed. According to blockchain analytics firm Glassnode, whales have been accumulating ETH aggressively over the past week. Wallets holding between 1,000 and 10,000 ETH have added more than 800,000 ETH daily, pushing total holdings for this cohort past 14.3 million ETH.

On June 12, whale wallets recorded a single-day net inflow of 871,000 ETH—the largest seen so far in 2025. Glassnode notes that this level of sustained accumulation has not been recorded since 2017, during Ethereum’s first major bull cycle, suggesting that institutional and long-term holders are buying into the recent dip with conviction.

This accumulation has coincided with ETH’s decline from above $2,700, suggesting strategic positioning by larger players. Analysts believe this could reflect preparation for possible catalysts, including progress on Ethereum ETF approvals or institutional-grade product launches.

In the short term, ETH remains under pressure. However, the ongoing whale buying spree may help provide price stability or set the stage for a reversal—especially if broader sentiment begins to recover.

Technical Overview

ETH dropped 5.7% from $2,679.99 to $2,527.37 during the June 16 session, with volumes surpassing 560,000 ETH.
The steepest decline occurred during the 22:00 UTC hour, where price broke down from $2,650 resistance.
After the drop, ETH formed a tight consolidation pattern around $2,540, with reduced volatility.
In the final trading hour, ETH bounced from $2,550.57 to $2,564.28, before stabilizing near $2,553.40.
A volume spike at 13:30 UTC involving 12,200 ETH triggered a short-lived rally of 1.6%, peaking at $2,561.59.
A minor pullback ensued, finding support at $2,549.56, as buyers stepped in and price formed an ascending channel.
The $2,553–$2,555 range acted as a key intraday pivot zone throughout the recovery attempt.