Glassnode Flags Unprecedented ETH Whale Buying

ETH Dips Below $2,560 Amid Selling Wave, But Whales Keep Scooping Up Tokens

Ethereum’s price took a hit on Tuesday, with ETH sliding to $2,555.77, down 3.7% on the day after encountering firm resistance near the $2,673 mark. The pullback followed several sessions of choppy trading, with volatility building into a decisive sell-off that broke key support levels late Monday.

Yet while the market turned lower, large investors saw opportunity. Blockchain analytics provider Glassnode revealed that whales—addresses holding between 1,000 and 10,000 ETH—have been accumulating heavily. Over the past week, daily net inflows into whale wallets have consistently surpassed 800,000 ETH, lifting the group’s combined holdings above 14.3 million ETH.

The peak came on June 12, when whale wallets added 871,000 ETH in a single day—the biggest net inflow recorded so far this year. Glassnode said this scale of buying hasn’t been observed since 2017, hinting at strong conviction among large holders who may be betting on longer-term catalysts such as potential ETH ETF approvals or broader institutional adoption.

Despite ETH’s technical weakness in the near term, the persistent whale activity could provide a safety net for prices—or even spark a rebound if sentiment shifts. For now, traders are closely monitoring whether ETH can hold critical support just above $2,550, or if further declines might test deeper levels.

Technical Highlights

ETH shed 5.7%, sliding from $2,679.99 to $2,527.37 on June 16, on trading volume exceeding 560,000 ETH.
The sharpest decline came during 22:00 UTC, as ETH failed to break past $2,650 and selling pressure intensified.
A partial recovery stabilized prices near $2,540, forming a tighter trading band.
In the final hour of the session, ETH rose from $2,550.57 to $2,564.28, before settling around $2,553.40.
A notable spike at 13:30 UTC involved over 12,200 ETH traded, briefly lifting prices to $2,561.59.
A subsequent dip found buyers at $2,549.56, leading to an ascending channel as accumulation resumed.
The $2,553–$2,555 range emerged as a significant consolidation zone during the recovery attempt.