In the past month, major holders of Ethereum have been actively buying Ethereum, while during this period, cryptocurrency prices have shown a sideways trend, with retail investors cashing out.
Santiment posted on the X platform on June 13, indicating that wallet addresses holding between 1,000 to 100,000 Ethereum (whale and shark-level investors) have net increased their holdings by 1.49 million Ethereum (worth approximately $3.79 billion) over the past 30 days, raising their collective holdings by 3.72%.
"Only in the past month, these key whale and shark wallets have rapidly increased their holdings, while retail traders have chosen to take profits," Santiment analyzed.
The agency cited data from June 12, stating that this group of large holders currently holds a total of 41.61 million Ethereum—accounting for nearly 27% of Ethereum's current circulating supply.
In another article on the X platform, Santiment noted that Ethereum Name Service (ENS) saw the most significant increase in whale trading activity in the second week of July, reaching 313.5%, followed by Ethereum lending protocols, which increased by 203.8%.
The Virtual Protocol based on Ethereum Layer 2 network Base, as well as USDC transfer activities on Ethereum Layer 2 solutions Arbitrum and Optimism, also achieved triple-digit growth.
Despite the continued buying by whales and increased project adoption, CoinGecko data shows that the price of Ethereum has only risen by 1.8% and 3.8% over the past 14 days and 30 days, respectively. The current trading price of Ethereum is $2,575, down nearly 48% from its all-time high.
Signs of increased confidence from institutional investors in Ethereum are also reflected in the U.S. spot ETF market, where U.S. spot Ethereum ETF products finally interrupted a streak of 19 consecutive days of inflows last Friday.
According to Farside data, there was a net outflow of $2.1 million from the spot Ethereum ETF that day, ending the longest streak of inflows since the product's launch in July 2024.
During these 19 days of continuous inflow, the spot Ethereum ETF attracted a total of $1.37 billion in funds, primarily flowing into the iShares Ethereum Trust ETF issued by BlackRock.
Meanwhile, the stock price of sports betting platform SharpLink Gaming plummeted 73% in after-hours trading last Thursday, after the company applied to register a large number of shares for potential resale—this move clearly dissatisfied investors who had bought in based on the company's Ethereum treasury plan.
However, SharpLink Gaming Chairman Joseph Lubin, who is also the CEO of blockchain software company Consensys, stated that market observers misunderstood the application document.
Sharplink announced on May 30 its plan to issue up to $1 billion in common stock and intends to use most of the raised funds to purchase Ethereum.
Related: Bitcoin (BTC) price target surges, traders bet this bull market will exceed $140,000
Original: “Ethereum Whales and Sharks Continue to Buy ETH While Retail Cashes Out”
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