Are Whales Saving Ethereum? Analyzing Recent Buying Volume

Ethereum (ETH) has been on a wild ride lately, with market dips and whale activity stealing the spotlight. 

After a sharp correction, large investors, aka whales, are diving in, snapping up millions in ETH. Could this be a sign that Ethereum is gearing up for a recovery? Let’s break down the recent buying volume, on-chain data, and what it all means for ETH’s future.

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Understanding Ethereum’s Recent Dip

Ethereum was cruising through Q2 2025 with impressive gains, hovering above $2,500 and fueling market excitement. But a sudden 13% correction slashed those gains, pushing ETH below the $2,500 mark. This dip triggered panic selling among retail traders, with many locking in profits or cutting losses.

Why the Market Freaked Out

The correction wasn’t just a blip, it shook investor confidence. On-chain data shows realized losses spiking to a weekly high of $311 million, marking the second time in ten days that Ethereum’s Net Realized Profit/Loss turned negative. 

This suggests traders were selling at a loss to reduce exposure, a classic sign of late-stage corrections or early capitulation.

Read more: Is Ethereum Recovering? Stablecoin Data Shows Bullish Movement Coming

Whales Step In: A Bullish Signal?

While retail traders panicked, whales saw opportunity. One whale wallet scooped up 17,070 ETH, worth about $39 million, right after ETH hit the $2,116 support level, per AMBCrypto. 

This wasn’t a one-off. Glassnode reports a 30-day net gain of 63 whale wallets holding over 1,000 ETH, up from 39 just a day earlier. That’s a clear uptick in big players stacking ETH during the dip.

Historical Context: Whales and Market Bottoms

Whale activity often signals market shifts. Back in April, Ethereum’s price surged over 100% in two months, breaking the $2,800 resistance. 

That rally coincided with a spike in whale accumulation, including over 100 new whale wallets in a single day. Historically, when whales buy during peak fear, it can mark a local bottom or stabilization phase, hinting at a potential rebound.

On-Chain Data: What’s Really Happening?

Spot exchanges saw nearly 50,000 ETH flow in as investors moved funds on-chain, likely to sell or reposition. But here’s the twist: this liquidity is being absorbed. 

Whales are systematically buying up available ETH, which could reduce selling pressure and stabilize prices. This dynamic mirrors past cycles, like the post-April rebound when heavy accumulation followed a market reset.

Warning Signs to Watch

Despite the whale activity, there are red flags. The surge in realized losses ($311 million weekly high) signals slipping confidence. 

Similar patterns appeared before the April rebound, when ETH dropped to $1,440 amid mass exits. While whale buying is promising, it’s not a guaranteed fix. Without broader market momentum, Ethereum’s recovery could stall.

Read more: Why Institutional Investors Should Still Bet on Ethereum Despite Capital Inflows and Market Shifts

Could Ethereum Bounce Back in Q3?

Several signs point to a potential bullish Q3:

• Whale Accumulation: The uptick in wallets holding over 1,000 ETH suggests big players are betting on a rebound.

• Historical Patterns: Past cycles, like the April rally, show whales buying dips often precede price surges.

• Market Reset: The recent correction and realized losses could clear out weak hands, setting the stage for accumulation.

Data shows Ethereum’s market cap remains robust at over $250 billion as of June 24, 2025, despite the dip. If whale buying continues and sentiment shifts, ETH could test the $2,800 resistance again.

Risks to Consider

It’s not all rosy. A few hurdles could derail a Q3 rally:

• Persistent Selling Pressure: Ongoing realized losses suggest some investors are still capitulating.

• Market Sentiment: Without a broader shift in confidence, whale buying alone may not spark a sustained uptrend.

• External Factors: Macro events, like regulatory news or Bitcoin’s performance, could sway ETH’s trajectory.

For context, we note that Ethereum’s correlation with Bitcoin remains high (around 0.9), meaning BTC’s price movements could heavily influence ETH’s path.

Why Whale Activity Matters

Whales don’t just move markets, they signal intent. Their deep pockets and market insight often make them trendsetters. When they buy during fear-driven dips, it’s a vote of confidence in Ethereum’s long-term value. 

However, retail traders should tread carefully. Whales can weather volatility, but smaller investors need to weigh risks like further corrections or delayed recoveries.

Read more: Ethereum Staking Hits All-Time High: What It Means for ETH Price

What’s Next for Ethereum?

Short-Term Outlook

In the near term, Ethereum’s price will likely hinge on whether whale buying can absorb selling pressure. If ETH holds above $2,116 and regains $2,500, it could rebuild momentum. Keep an eye on on-chain metrics like exchange inflows and whale wallet growth for clues.

Long-Term Potential

Ethereum’s fundamentals remain strong. With ongoing upgrades (like sharding plans post-Merge) and growing DeFi adoption, ETH’s ecosystem is a powerhouse.

Dune Analytics shows DeFi TVL on Ethereum at $90 billion as of June 2025, underscoring its dominance. If whales keep accumulating and market sentiment turns, Q3 could see ETH reclaim $2,800 or higher.

Conclusion

Whales are buying millions in ETH during a dip, signaling a potential recovery. Past whale activity often marks market bottoms, but persistent selling and weak sentiment could stall a Q3 rally. Ethereum’s fate hinges on whale accumulation and market confidence. Watch $2,116 support and whale wallets for clues. 

FAQ

Q1: Why are whales buying ETH during the dip?

A1: Whales see opportunity in fear. When ETH hit $2,116, large wallets stacked millions, signaling a possible market bottom and long-term confidence.

Q2: How does whale activity affect Ethereum’s price?

A2: Whale buying reduces sell pressure. When big players scoop up ETH, they absorb liquidity, often leading to price stabilization or rebound.

Q3: What on-chain signals should traders watch now?

A3: Focus on whale wallet growth, ETH exchange inflows, and the $2,116 support. These are key indicators of momentum shift or continued correction.

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