Ether whales continued their aggressive accumulation as ETH rebounded from a weekend dip, according to on-chain analysts.
“Somebody is buying a ton of ETH,” blockchain intelligence firm Arkham said on Sunday, pointing to a single wallet that snapped up $300 million worth of Ether via over-the-counter (OTC) trades through Galaxy Digital.
That whale address now holds 79,461 ETH—valued at approximately $282.5 million.
Institutional interest is also ramping up. BlackRock’s iShares Ethereum Trust ETF has attracted $1.7 billion in inflows over the past 10 consecutive trading sessions.
According to Dune Analytics, Ether holdings in ETFs have surged more than 40% in the last 30 days, marking a sharp rise in institutional accumulation.
ETH mega whales loading up
The number of Ether “mega whale” addresses has jumped significantly over the past 30 days, according to data from Glassnode.
These mega whales—defined as addresses holding over 10,000 ETH—have grown by more than 200 since the start of July.
The rise includes wallets held by exchanges, major custodians, and exchange-traded products, all of which have been ramping up their accumulation efforts.
ETH already recovering
Ether prices dipped below $3,400 over the weekend but began to rebound on Monday, climbing back to $3,560.
“The initial market jitters over a cooling labor market may soon give way to optimism, as rising expectations of monetary easing could reverse the sell-off and provide a bullish tailwind for crypto,” said Monika Mlodzianowska, director of strategic partnerships at CoinW exchange.
Ether bearish in August
Like Bitcoin, which has posted losses in eight of the past 12 Augusts, Ether has also struggled during this month in recent years.
According to CoinGlass, ETH saw double-digit declines in both August 2023 and 2024, though it rallied 35.6% in August 2021 during the height of a bull market.
Adding to the weekend buzz, Eric Trump—son of U.S. President Donald Trump—urged his X followers to “buy the ETH dip.”
Meanwhile, CNBC labelled Ethereum “Wall Street’s invisible backbone” in an article on Saturday.
