Ethereum's largest holders are making aggressive moves, quietly stacking billions in ETH while smaller investors continue to lock in profits. According to on-chain analytics firm Santiment, Ethereum wallets holding between 1,000 and 100,000 ETH—known as whales and sharks—have added a total of 1.49 million ETH, worth approximately $3.79 billion, in just the last 30 days.This accumulation marks a 3.72% increase in holdings, and the group now collectively controls 41.61 million ETH, roughly 27% of the total circulating supply as of June 12.
“Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit,” Santiment posted on X.
Whales Dive Into Ethereum DeFi and Layer 2 Ecosystems
In addition to direct ETH purchases, whales have also ramped up activity in the Ethereum DeFi ecosystem. Data from Santiment highlights a 313.5% spike in whale transactions on the Ethereum Name Service (ENS) and a 203.8% rise in activity on Ethereum-based lending platforms.
Ethereum Layer 2 solutions like Base, Arbitrum, and Optimism have also experienced notable growth. Transactions involving Virtual Protocol and USDC transfers across these L2 chains surged by triple-digit percentages, suggesting increased capital movement into scalable Ethereum-based DeFi options.
Despite the aggressive accumulation and ecosystem activity, ETH’s price performance has been underwhelming. According to CoinGecko, Ethereum is up only 1.8% over the past 14 days and 3.8% over the past 30 days, currently trading around $2,575—still nearly 48% below its all-time high.
Spot ETH ETF Inflows Streak Ends After 19 Days
Investor confidence in ETH has also been reflected in institutional activity. U.S. spot Ethereum ETFs saw 19 consecutive days of inflows, accumulating $1.37 billion, primarily into BlackRock’s iShares Ethereum Trust ETF.
However, this streak ended on Friday, with $2.1 million in net outflows, according to Farside data. It marked the first day of outflows since the ETFs launched in July 2024, breaking the longest inflow streak to date.
Sharplink Gaming ETH Treasury Move Sparks Market Jitters
In a related development, Sharplink Gaming—the first public company to adopt Ethereum as a corporate treasury asset—saw its stock plunge by 73% in after-hours trading last Thursday. The sharp drop came after the company filed to register a large volume of shares for potential resale, rattling investors who had rallied behind the firm's ETH-buying plans.
Despite the backlash, Joseph Lubin, chairman of Sharplink and CEO of Consensys, clarified that the filing was misinterpreted. The firm announced in May its intent to sell up to $1 billion in shares, with proceeds earmarked for Ethereum purchases.
Conclusion: A Tale of Diverging Sentiment
While retail investors are banking profits, whales and institutions are doubling down on Ethereum, signaling long-term confidence in both ETH’s price potential and the Ethereum ecosystem’s growth. The divergence highlights a maturing market where smart money increasingly dominates quiet accumulation cycles.
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