Ethereum Whales Buy the Dip as ETF Inflows Roar Back

TL;DR

• Ethereum whales increased accumulation as wallets holding 1,000 to 10,000 ETH rose from roughly 4,750 in early June toward 4,850 as ETH held its breakout.
• U.S. spot Ethereum ETFs recorded a third straight week of inflows, adding $103.9 million in the week ending July 24 throughout July.
• ETH remains below $2,000 resistance, while active addresses near 400,000 leave the rally unconfirmed despite a potential move toward $2,438 on daily charts.

Ethereum is attracting renewed accumulation from large holders as its price trades near $1,963, up 4.3% over 24 hours and holding above a long-term descending trendline broken in mid-July. Glassnode data shows wallets containing 1,000 to 10,000 ETH rising from roughly 4,750 in early June toward 4,850. Whales are buying near yearly lows rather than chasing a record high, a notable contrast with October 2025, when large-holder growth appeared near the top. Fresh wallets also purchased 50,000 ETH in mid-July as the ETH/BTC ratio advanced 6%. This pattern suggests conviction built quietly beneath recent weakness.

ETF demand strengthens while network activity lags

Institutional demand is moving in the same direction. U.S. spot Ethereum ETFs returned to positive net flows in July after about eight weeks dominated by withdrawals, recording a third consecutive week of inflows. Funds added $103.9 million during the week ending July 24, while positive sessions appeared across much of the month. ETF demand has returned, but it has not yet reached euphoric levels. Daily inflows remain in the tens of millions, far below the $600 million to $1 billion sessions seen in August 2025, making the recovery constructive rather than overwhelming at this stage.

The missing confirmation comes from activity on Ethereum itself. The 14-day moving average of active addresses remains near 400,000, well below the February 2026 spike around 800,000 and beneath June’s local high near 460,000. Accumulation is strengthening before network usage has clearly followed, creating an awkward split between capital positioning and onchain participation. Crowd sentiment has also turned deeply bearish, although previous pessimism extremes preceded ETH rebounds. Even so, a sustained recovery would look more convincing if active addresses began expanding alongside whale purchases, ETF inflows, and improving price structure during the next decisive move.

Technically, Ether continues pressing against resistance just below $2,000 after remaining above the broken trendline for two weeks. The breakout arrived with futures open interest near $19.8 billion, but declining volume still leaves confirmation incomplete. A daily close above $2,000 could open a path toward $2,438, the 0.618 Fibonacci retracement and a supply zone from May, about 24% above the current price. Rejection would instead expose $1,754 and the former trendline near $1,600. The setup is improving, yet whales, ETFs, and actual usage must align before momentum looks durable across the market’s next major advance.