Ethereum Whales Accumulate as Spot ETF Inflow Streak Ends Amidst Price Stability

Despite a period of sideways trading, major Ethereum holders, often referred to as "whales" (1,000 to 100,000 ETH), have aggressively accumulated Ether over the past month. While retail investors took profits, these significant entities added a net total of 1.49 million ETH, valued at approximately $3.79 billion, boosting their collective holdings by 3.72%. This accumulation means these key wallets now control nearly 27% of Ether's current supply.

Surge in On-Chain Activity and ETF Dynamics

Beyond direct accumulation, on-chain activity within the Ethereum ecosystem also saw considerable growth. Ethereum Name Service witnessed a remarkable 313.5% rise in whale transaction activity, closely followed by Ethereum lending protocols at 203.8%. Additionally, both the Ethereum layer 2 Base-powered Virtual Protocol and USDC transfers on Arbitrum and Optimism recorded triple-digit increases, signaling robust network usage.

In the institutional sphere, US-based spot ETH ETFs experienced a notable 19-day streak of inflows, attracting a combined $1.37 billion, predominantly into BlackRock's iShares Ethereum Trust ETF. However, this impressive run concluded recently with net outflows of $2.1 million, marking the end of the longest inflow streak since these products launched in July 2024.

Mixed Price Performance and SharpLink's Treasury Amidst Misinterpretation

Despite the considerable whale buying and increased adoption metrics, Ether's price has shown modest gains, rising only 1.8% over the last 14 days and 3.8% over the past month, trading around $2,575—nearly 48% below its all-time high.

Meanwhile, SharpLink Gaming, a sports betting platform that recently announced plans to allocate up to $1 billion from a share sale towards an Ethereum treasury, saw its shares plummet by 73% in after-hours trading. This sharp decline followed a filing to register a large volume of shares for potential resale. Joseph Lubin, SharpLink's chairman and CEO of ConsenSys, clarified that the market misinterpreted the filing, emphasizing the firm's ongoing commitment to its Ether treasury strategy.