Ethereum whales added over 1M ETH in 30 days, signaling strong buying conviction and fueling sustained price recovery above $2,600.
Open interest hit a record 7.1M contracts in May, revealing growing institutional appetite for ETH derivatives amid rising leverage.
Ethereum led cross-chain liquidity with surging bridge activity from Solana, Base, and Layer 2s, proving its network dominance.
Ethereum’s largest holders have acquired over 1 million ETH in 30 days, aligning with bullish price momentum. The accumulation is visible in CryptoQuant’s wallet balance chart tracking 10k–100k ETH wallets from April 26 to May 24, 2025.
Wallet Surge Marks Strategic High-Volume Accumulation
According to a post by Ali Martinez, “Ethereum whales added over 1 million ETH in just a month,” emphasizing notable inflows into 10k–100k ETH wallets. On April 26, these wallets held 16.27 million ETH with prices near $3,000. Between May 7 and May 9, balances jumped by 650,000 ETH, triggering a price rally from $2,500 to $2,700.
That cohort’s balance peaked at 17.45 million ETH on May 20, mirroring the price’s local top above $2,700. From May 13 onward, balances hovered around 17.4 million ETH despite minor fluctuations, indicating consistent confidence among high-value investors. ETH closed at $2,650 by May 24, with whale accumulation intact.
Leverage Spike and Market Conviction Fuel Derivatives Growth
Ethereum’s open interest surged to a record 7.1 million contracts in May 2025, reflecting increased institutional positioning. According to CryptoGoos, this growth highlights rising leverage and capital inflow into Ethereum derivatives, starting from 2023’s 4 million mark to over 6 million by late 2024.
The OI spike aligns with Ethereum’s broader market dominance and supports increased speculative activity. Institutional participants are ramping up exposure through futures and options while tracking price expansion beyond $2,650. ETH’s long-standing derivative strength adds to the argument for continued price action above moving averages.
Network Activity and Cross-Chain Demand Reinforce ETH’s Role
Ethereum’s role as a central liquidity hub remains strong, driven by multi-chain interoperability. The deBridge protocol reported heavy bidirectional flows between Ethereum and Solana, Base, and Arbitrum. Solana maintained major volume parity, while Base, launched by Coinbase, surged in usage.
Emerging networks like HyperVM, Cronos zkEVM, and Optimism also showed increasing bridge volume. Ethereum’s position as the anchor chain for asset mobility illustrates persistent demand across Layer 1 and Layer 2 protocols. Strong asset flows confirm Ethereum’s infrastructure value during bullish cycles.
Technical Breakout Validated by Monthly Momentum
Bitget chart data confirms a 48.45% monthly price surge, with ETH closing at $2,662.25. The 10-month moving average at $2,649.14 was breached upward, confirming short-term breakout strength. Volume hit 5.859 million, aligning with historic bull cycle volume during the 2021 peak.
The monthly candle formed an engulfing pattern, overcoming three prior months of price range resistance. Ethereum’s upward momentum, backed by consistent volume and moving average alignment, suggests a shift in long-term price structure toward the $2,900 resistance zone.
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