Ethereum's price hovers around $1,963, marking a 4.3% gain in the past day while large holders, known as whales, continue to expand their positions. Recent data from Glassnode reveals a steady increase in whale addresses holding between 1,000 and 10,000 ETH, climbing from about 4,750 in early June to nearly 4,850 now. This suggests a sustained buying trend rather than a fleeting spike.
Whale Activity and ETF Inflows Signal Growing Interest
The accumulation by whales stands out because it happens near yearly lows, contrasting with previous spikes that occurred close to all-time highs, like in October 2025. Mid-July saw fresh whale wallets purchase 50,000 ETH as the ETH/BTC ratio surged by 6%. Meanwhile, institutional investors are showing renewed appetite as US spot Ethereum ETF flows switched from outflows to inflows in July after an eight-week drought.
ETF funds have recorded three consecutive weeks of net inflows, adding $103.9 million in the week ending July 24. Although positive, these inflows remain modest compared to the $600 million to $1 billion daily inflows experienced in August 2025. The current trend points to a cautious return of institutional demand rather than a full-blown surge.
Network Usage and Market Sentiment Lag Behind Price Gains
Despite increasing whale accumulation and ETF inflows, Ethereum's network activity tells a different story. The 14-day average of active addresses stands near 400,000, far below the 800,000 peak seen in February 2026 and even the 460,000 local high recorded in June. This indicates that growing holdings are not yet supported by a rise in user engagement with the network.
Market sentiment also remains deeply bearish, though historically, extreme pessimism has preceded Ethereum rebounds, suggesting contrarian dynamics at play.
The price broke out above a descending trendline from the August 2025 all-time high in mid-July, holding above this resistance for two weeks. It now faces a psychological barrier just under $2,000. A confirmed daily close above this level could pave the way toward the 0.618 Fibonacci retracement point, potentially pushing prices higher.
