Ethereum mega whales are continuing their aggressive accumulation strategy, even as ETH experienced a brief dip over the weekend. Onchain analysts reported a major purchase involving one whale who acquired $300 million worth of ETH via over-the-counter (OTC) transactions facilitated by Galaxy Digital.
This single wallet now holds 79,461 ETH, valued at approximately $282.5 million, signaling a strong bullish sentiment from large holders even as short-term volatility affects the broader market.
The continued confidence from Ethereum mega whales comes at a time when investor sentiment is mixed, following ETH’s recent price fluctuations. However, these large-scale purchases indicate that influential market participants see long-term upside potential.
Institutional Inflows Add to Bullish Momentum
It’s not just whales buying Ethereum. Traditional finance giants are also increasing their exposure to ETH. BlackRock’s iShares Ethereum Trust ETF has experienced $1.7 billion in inflows over the past ten trading sessions alone.
This dramatic increase in investment reflects growing confidence from institutional investors and asset managers. According to Dune Analytics, ETH holdings across ETFs have surged over 40% in just the last 30 days, showing a sharp uptick in demand from funds and trusts.
This influx of capital from both institutional and whale investors could serve as a strong foundation for Ethereum’s price stability and potential growth in the coming weeks.
Whale Address Count Reaches New Heights in July
Data from onchain analytics firm Glassnode highlights a notable surge in the number of Ethereum mega whale addresses—wallets holding over 10,000 ETH. Since early July, more than 200 new addresses have joined this elite category.
These include wallets held by crypto exchanges, custodians, and entities managing exchange-traded products. Their growing ETH balances are a sign of aggressive accumulation despite the asset’s recent pullback.
Such activity often precedes broader market movements and can indicate a shift in sentiment among large holders. When whales buy in bulk, it tends to suggest they anticipate higher prices in the near future.
ETH Price Recovery Shows Market Resilience
Over the weekend, Ethereum’s price dipped just below $3,400, leading some investors to fear a deeper correction. However, ETH quickly recovered and is now trading around $3,560.
This rebound suggests the market remains resilient and that demand is strong even during moments of weakness. Some analysts point to macroeconomic factors, including the U.S. labor market and expectations around monetary policy, as key drivers behind crypto price movements.
“While the labor market’s cooling trend initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind as liquidity expectations shift,” said Monika Mlodzianowska, Director of Strategic Partnerships at CoinW exchange.
As central banks around the world consider rate cuts or slowing down hikes, risk assets like Ethereum may benefit from improved liquidity and investor confidence.
Historical August Trends Still Raise Caution
While short-term sentiment appears optimistic, Ethereum’s historical performance in August remains a concern. Over the past three years, ETH has posted double-digit losses during August, including in 2023 and 2024, according to data from CoinGlass.
In contrast, August 2021 saw Ethereum surge by 35.6%, but that came during the peak of a bull market. Bitcoin has shown a similar seasonal pattern, with 8 out of the past 12 Augusts ending in negative territory.
These trends highlight the importance of watching both technical levels and historical context when evaluating Ethereum’s price direction in the weeks ahead.
Political Voices Join the Ethereum Discussion
Adding a surprising twist to the weekend’s developments, Eric Trump, son of U.S. President Donald Trump, posted on social media urging followers to “buy the ETH dip.” While not a professional investor, his comment underscores the growing mainstream attention Ethereum is receiving, even from political circles.
Though his statement may not influence institutional strategy, it reflects a broader awareness of Ethereum’s role in the digital asset space, especially as conversations about Web3 and crypto regulation intensify in the United States.
Conclusion: Mega Whale Activity Could Signal Bigger Moves Ahead
The accumulation by Ethereum mega whales, combined with strong ETF inflows and rapid recovery from a weekend dip, suggests that major players remain bullish on ETH’s future.
Although seasonal trends caution against over-optimism in August, the broader signs point toward strengthening fundamentals. As institutional and whale interest grows, Ethereum may be laying the groundwork for its next significant move.
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