Ethereum was trading at $2,508 on June 14 and was down 0.88% in the past 24 hours. Nonetheless, in spite of this slump, Ethereum has largely held above the key $2,500 support level. The asset held very steady during that time frame, despite pulling back from local tops around $2,870.
According to on-chain data, large holders particularly whale and shark wallets have been heavily accumulating Ethereum for the last 30 days. According to a report published by on-chain analytics platform Santiment, these large holders combined gained 1.49 million Ethereum in this period. All of this activity points to a deep, abiding bullishness on the cryptocurrency’s future.
Whale and shark wallets, or addresses containing between 1,000 and 100,000 Ethereum, both increased their holdings as well by 3.72%. Now, these large holders account for 26.98% of the total Ethereum supply. Large players are gaining control over assets at a breakneck speed. Smaller wallets have been more conservative, showing a clear difference in sentiment between these two types of investors.
At the same time, Ethereum has seen a dip in institutional ETF interest since late May. We can chalk up this pullback to a general risk-off mood enveloping the market, as well as some profit-taking in the meantime. Even with this dramatic uptick in institutional interest, the price drop in Ethereum has been quite slight by historical measures.
The increase in accumulation by giga, whale, and dolphin addresses indicates a conviction and confidence in the long-term value proposition and potential of Ethereum. If the smaller guys are still being conservative, the whales and sharks are already swimming in deep. Their massive purchase represents a huge bet on Ethereum’s future success. This divergence further underscores the unique underlying forces at play that are driving Ethereum’s market behavior.
