Ethereum whales are showing renewed activity on Binance after a period of dormancy.
Average order size for ETH on Binance has surged, a signal not seen since late 2023.
Whale accumulation is evident, with 301,000 ETH purchased and netflows flipping from negative to positive.
Retail investors are joining the buying momentum, as spot market data shows buyers outpacing sellers.
Exchange netflows have turned negative, indicating more ETH is being withdrawn from exchanges than deposited.
Despite these bullish signals, ETH’s price remains range-bound, reflecting an ongoing struggle between buyers and sellers.
Whales Reawaken: A Shift in Ethereum’s On-Chain Landscape
After weeks of muted action and sideways price movement, Ethereum’s largest holders are quietly making their presence felt once again—especially on Binance. Earlier in May, as ETH began to recover from its slump, whale activity spiked to an impressive 10,000 daily transactions. However, as the price action flattened, this enthusiasm faded, with daily whale transactions dropping to just 3,000.
Now, the tide appears to be turning. Recent on-chain data reveals that whales are returning to Binance, with the average order size for Ethereum lighting up for the first time since December 2023. This metric is particularly noteworthy, as the last time it surged, ETH embarked on a powerful rally from $2,200 to $4,000. The reemergence of large orders suggests that influential market participants are positioning themselves for the next major move.
Whale Accumulation: The Numbers Behind the Surge
The renewed interest from whales is not just anecdotal—it’s backed by hard numbers. Since May 19th, whale orders on Binance have become increasingly prominent, signaling a growing sense of confidence among large investors. Historically, whales tend to act early when they sense a shift in the broader market trend, and their current activity hints at a possible bullish phase ahead.
Supporting this narrative, Ethereum whales have collectively acquired 301,000 ETH in recent weeks. The Large Holders Netflow, which had been negative, has now flipped to a positive 108,000 ETH. This reversal indicates that whales are buying more than they are selling, a classic sign of accumulation. Such behavior often precedes significant price movements, as these large holders can absorb substantial selling pressure and set the stage for future rallies.
Retail Joins the Fray: Spot Buyers Step In
It’s not just the whales making moves—retail investors are also entering the market with renewed vigor. Spot market data reveals a Cumulative Volume Delta of +6,350 ETH, with buyers snapping up 57,300 ETH and decisively outnumbering sellers. This surge in buying activity from smaller participants adds another layer of momentum to the ongoing accumulation.
At the same time, exchange netflows have turned negative, a development that underscores the strength of the current buying wave. Over the past several days, more ETH has been withdrawn from exchanges than deposited, suggesting that investors are moving their holdings into private wallets for long-term storage. This pattern is often associated with bullish sentiment, as it reflects a reluctance to sell and a preference for holding through potential volatility.
Price Stalemate: Bulls and Bears Locked in Battle
Despite the flurry of buying activity from both whales and retail investors, Ethereum’s price has yet to break free from its current range. As of the latest data, ETH is trading at $2,512, down 0.38% for the day and extending a four-day slide. This persistent consolidation between $2,400 and $2,700 highlights the ongoing tug-of-war between buyers and sellers.
The current market dynamic is one of absorption rather than breakout. While whale purchases are soaking up selling pressure, they have not yet been sufficient to push ETH above key resistance levels. The market remains in a state of equilibrium, with neither side able to gain a decisive advantage. Until buyers can not only match but exceed the volume of sellers, Ethereum is likely to remain trapped within this narrow band.
Conclusion
Ethereum’s on-chain landscape is undergoing a subtle but significant transformation. Whales are quietly accumulating on Binance, average order sizes are climbing, and retail investors are joining the buying spree. Exchange outflows reinforce the sense of growing conviction among holders. Yet, despite these bullish undercurrents, ETH’s price remains locked in a tight range, reflecting a market still searching for direction. The stage is set for a potential breakout, but until buyers can decisively overpower sellers, Ethereum’s next big move remains on hold. If the current accumulation continues and resistance at $2,700 is breached, a new chapter in ETH’s price journey could soon unfold.
