Glassnode on ETH Whales: ‘This Scale of Buying Hasn’t Been Seen Since 2017’
Ethereum (ETH) experienced a price drop on Tuesday, trading at $2,555.77, a 3.7% decrease in 24 hours. This decline follows a rejection near the $2,673 level, triggering significant selling pressure after several sessions of weakening momentum and increased volatility. A major sell-off late Monday broke through initial support, leading to a sustained downward trend.
Despite the negative price action, on-chain data reveals substantial accumulation by large market participants (“whales”). Glassnode data shows daily net whale accumulation exceeding 800,000 ETH for almost a week, with holdings in wallets containing 1,000 to 10,000 ETH rising above 14.3 million. The largest single-day inflow, over 871,000 ETH on June 12th, represents the biggest net inflow of 2025 so far. This mirrors accumulation patterns observed in 2017, highlighting the scale of current large-holder buying.
This whale buying spree coincides with ETH’s retreat from $2,700, possibly indicating strategic positioning ahead of institutional flows or ETF-related catalysts. While short-term technical indicators remain bearish, the significant whale accumulation suggests strong conviction among major players. The price currently hovers above key support levels, prompting close observation to determine if this accumulation will trigger a near-term reversal or merely mitigate further losses.
Technical analysis of the June 16th trading session reveals a 5.7% drop from $2,679.99 to $2,527.37, with volume exceeding 560,000 ETH. Resistance at $2,650 was confirmed by a sharp drop around 22:00, accelerating the downward trend. A subsequent recovery stalled near $2,540, creating a narrow consolidation pattern with reduced volatility. The final hour saw ETH rise from $2,550.57 to $2,564.28 before stabilizing near $2,553.40. A significant volume spike at 13:30 fueled a brief 1.6% rally, followed by a pullback finding support at $2,549.56. Price action formed an ascending channel, with buyers providing support. The $2,553–$2,555 zone acted as a key consolidation level during the recovery. The overall situation warrants continued monitoring.
