Ethereum Whales Keep Buying as ETF Inflows Return

Glassnode is seeing more whale addresses, while U.S. spot Ethereum ETFs are showing net inflows again. Still, weak network usage is holding back a convincing break above $2,000.

Key Takeaways

• Ethereum is trading around $1,963, up 4.3% from 24 hours earlier, while whales keep adding ETH.
• Glassnode sees the number of whale addresses holding 1,000 to 10,000 ETH climb toward 4,850 after dipping in early June.
• U.S. spot Ethereum ETFs posted net inflows of $103.9 million in the week through July 24, marking the third straight week of inflows.

Ethereum whales are still adding ETH as the token trades near $1,963 (€1,720), up 4.3% over the past 24 hours. A few different data points suggest buyers are stepping in, about two weeks after Ethereum pushed above its long-term descending trendline. At the same time, U.S. spot Ethereum ETF flows have turned positive again, although one important piece of confirmation is still missing: network activity has not shown a convincing pickup yet.

Whales Keep Building

Glassnode tracks the number of whale addresses with between 1,000 and 10,000 ETH. That group dropped to roughly 4,750 addresses in early June, then climbed back toward 4,850. The 30-day change also stayed mostly in positive territory through July, which suggests steady accumulation rather than a brief bounce.

The timing matters here. In October 2025, whale counts were rising while ETH was trading near its all-time high, and that move faded quickly afterward. This time, large holders are buying much closer to the year’s lows. The data also shows new wallets bought 50,000 ETH in mid-July, while the ETH/BTC ratio gained 6%. That lines up with a broader breakout against Bitcoin, as the ETH/BTC ratio starts to build momentum again.

ETF Money Is Flowing Back In

Inflows into U.S. spot Ethereum ETFs picked back up in July after roughly eight weeks of mostly outflows. In the week through July 24, the funds recorded net inflows for a third straight week, totaling $103.9 million (€91.2 million). That points to renewed interest from institutional investors, even if the numbers are still far below the $600 million (€527 million) to $1 billion (€0.9 billion) days seen in August 2025.

The arrival of U.S. spot Ethereum ETFs in 2024 gave professional investors a regulated way to gain ETH exposure and has since reshaped the market structure. When you combine that with Ethereum's proof-of-stake design, where a large amount of ETH is locked in staking, extra buying from bigger players can move through available liquidity quickly. The network backdrop still matters too: according to Bitwise, fees did decline, but transactions and staking continued to rise.

What This Means for ETH

For European crypto readers, the key thing to watch is the mix of whale accumulation and returning ETF inflows. In the past, clear buying from large holders has often come before strong price moves, but that does not guarantee what happens next. As long as active addresses remain weak, the setup is still mixed and the breakout above $2,000 (€1,760) is not fully confirmed.

On the daily chart, ETH has stayed above the broken trendline for two weeks. A strong close above $2,000 (€1,760) could open the way to the 0.618 Fibonacci zone near $2,438 (€2,140). If that level does not give way, a retest of $1,754 (€1,540) or even the $1,600 (€1,400) area is still possible. The drop in volume during the rebound fits an accumulation phase, but it also shows the market still needs to prove the move.