Key Takeaways
- Record Whale Activity: On June 26, addresses holding 1,000–10,000 ETH collectively purchased 999,804 ETH—the highest single-day inflow since 2018.
- All-Time High Staking: Staked ETH reached 29.02% of the total supply, reducing market liquidity.
- Bullish Analyst Sentiment: Patterns mirror 2017 trends, with a projected price target of $4,000–$5,000.
- On-Chain Risks: Weak network growth, negative MVRV-Z score, and elevated NVT ratio signal potential volatility.
According to Glassnode, mid-sized Ethereum whales (wallets holding 1,000–10,000 ETH) accumulated nearly 1 million Ether on June 26—the largest single-day buy since 2018. Concurrently, ETH staking hit a record high, while the price hovered around $2,500, hinting at a potential rally. However, on-chain metrics reveal underlying weaknesses.
Largest Ethereum Whale Accumulation Since 2018
On June 26, 2025, on-chain analyst Quinten shared Glassnode data highlighting:
"Whales bought nearly 1,000,000 ETH in ONE DAY—the LARGEST daily buy since 2018."
The data showed 999,804 ETH added to mid-sized wallets (1,000–10,000 ETH holdings). By late June, these whales’ net balances grew to 14.2 million ETH.
👉 Why Ethereum Whales Are Betting Big
Dormant Whale Reawakens
A previously inactive whale moved 1,051 ETH ($2.58M) from Binance to a cold wallet on June 27 after 1.2 years of dormancy. Such accumulation and reactivation often signal market bottoms preceding rallies.
Staking Demand Hits Record High
On June 25, 29.02% of ETH’s total supply was staked, locking liquidity and increasing buy pressure.
Bullish Signals and Price Targets
ETH consolidated between $1,500–$2,500, potentially forming a macro bottom. Analyst Milkybul noted similarities to 2017’s pattern, forecasting a breakout toward $4,000–$5,000 if ETH sustains above $2,750.
On-Chain Risks
Weak Network Growth
New addresses spiked to 250,000 before collapsing to 24,800, suggesting speculative activity rather than organic growth.
Negative MVRV-Z Score
The MVRV-Z score (-0.072) indicates most holders are at a loss, though it historically marks buying opportunities.
High NVT Ratio
At 2,044, the NVT ratio implies overvaluation relative to transaction volume, often preceding corrections.
FAQ
Q: Why are whales accumulating ETH?
A: Potential anticipation of a price rally, reinforced by staking demand and historical patterns.
Q: What’s the significance of staked ETH hitting 29%?
A: Reduced market liquidity could drive prices higher due to scarcity.
Q: Are on-chain metrics contradicting the bullish trend?
A: Yes—weak network growth and high NVT ratios suggest caution despite whale activity.
👉 Ethereum’s Next Big Move: Expert Insights
Conclusion
While whale accumulation and staking records paint a bullish picture, conflicting on-chain data warrants vigilance. A sustained break above $2,500 is critical to confirm a rally.
Author: Pia Messerschmitt
Web3 & AI Enthusiast | Former Frankfurt School Blockchain Center Researcher