Ethereum whales accumulated over 188K ETH as prices bottomed, signaling strong institutional confidence and potential upward momentum.
June saw a record spike with 600K accumulator addresses absorbing ETH, indicating a brewing supply shock as prices stabilized above $2,400.
SharpLink’s $473M ETH bet and surging whale activity mirror early 2020 accumulation patterns, suggesting a bullish breakout is forming.
SharpLink Gaming deposited 2,993 ETH, worth $7.28 million, into Coinbase Prime, according to Lookonchain. This comes after the firm acquired 188,478 ETH at an average price of $2,513—totaling $473.6 million. This latest move signals renewed whale activity and confidence in Ethereum’s price outlook. Moreover, analyst Mister Crypto claims ETH has bottomed, suggesting a potential massive upside is imminent.
The ETH price has revealed several distinct phases since late April. Price action started near $1,840, with alternating candlesticks indicating choppy sentiment. From May to June, Ethereum consolidated between $2,315 and $2,705. Buyers and sellers showed no clear dominance during this stretch. However, late June saw a breakout above $2,700, with high volume confirming bullish sentiment. Price surged until peaking at $2,940 in early July.
Source: Mister Crypto
However, the rally was short-lived. Strong selling pressure drove ETH down by nearly $700. The drop created a sharp correction, indicating profit-taking. The current price range, marked in green, shows signs of stabilization. Hence, Ethereum may be preparing for a new directional move.
Accumulator Activity Signals Whale Confidence
Moreover, Ethereum accumulator address data presents a compelling long-term accumulation trend. From July 2024 to June 2025, Ethereum fell from $3,600 to $1,200. However, professional accumulators remained active. December 2024 saw inflows hit 200K addresses as ETH traded around $2,400.
Source: Merlijn The Trader
June 2025 had an all-time high in accumulator activity. Over 600K addresses absorbed ETH between $1,800 and $2,000. This surge reflects increased confidence among long-term holders. Retail interest stayed low, but institutional players dominated the accumulation wave.
Supply Shock Brewing as Whales Absorb Market Supply
Besides, whale accumulation and reduced market supply signal a potential supply shock. Merlijn The Trader notes whales are buying ETH aggressively, similar to early 2020 patterns. Hence, the current conditions mimic past bull market precursors.
Additionally, the price has started recovering. Ethereum now trades above $2,400, aligning with the intense June buying phase. If accumulation continues, the stage is set for a major price rally. Consequently, investors anticipate a bullish breakout as institutional wallets absorb supply.
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