The buying pressure, coming from both private wallets and major institutional products, suggests confidence in ETH’s long-term trajectory is still intact.
Data from Arkham Intelligence points to one wallet in particular that has rapidly grown into a heavyweight player. Over the past few days, the address has secured roughly $300 million worth of ETH through discreet over-the-counter trades at Galaxy Digital. The stash now sits at just under 80,000 ETH, worth more than $280 million.
This aggressive positioning isn’t happening in isolation. BlackRock’s iShares Ethereum Trust has been attracting relentless demand, with $1.7 billion in net inflows over ten straight trading sessions. Dune Analytics reports that the total ETH held by exchange-traded funds has jumped over 40% in the past month alone.
Glassnode’s metrics further reveal a sharp rise in “mega whale” wallets — those holding at least 10,000 ETH — since the start of July. Over 200 new addresses have joined the ranks, many linked to custodians, exchanges, and ETF issuers actively bulking up their reserves.
Ethereum’s price action has been volatile but resilient. After dipping below $3,400 over the weekend, the token rebounded on Monday, reclaiming levels above $3,550. Market observers say expectations of looser monetary policy could fuel further recovery in the weeks ahead.
Seasonality could still pose a challenge, though. August has historically been unkind to ETH, with double-digit declines in both 2023 and 2024. The lone bright spot in recent memory was 2021, when the asset surged over 35% during a bull market surge.
Despite the caution, optimism is bubbling. Eric Trump publicly called the recent pullback a buying opportunity, while CNBC recently described Ethereum as “Wall Street’s invisible backbone,” underscoring its growing role in traditional finance infrastructure.
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