Ethereum [ETH] whales have waken up once more, with some staking and some buying. Lookonchain data indicated that Andreessen Horowitz (a16z) appeared to be purchasing Ethereum.
According to the update, on the 23rd of June, a wallet associated with a16z took out $25,560 ETH, or $42.62 million, from Binance.
On the same day, Tom Lee’s Bitmine bought another 35,138 ETH, which was valued at $58.65 million from BitGo and Kraken. In fact, in the last week, Bitmine also paid $92 million for an additional 52,203 Ethereum.
Sharplink staked more Ethereum
As these two were accumulating Ethereum, the second-largest Ethereum DAT, Sharplink, staked an additional 509 Ethereum this week. As a result, it has now earned 22,102 ETH overall.
At the same time, the price of ETH was trading at $1,671.94, having declined by 1.09% over the previous day and more than 20% over the previous month. ETH ETFs were also experiencing a wave of withdrawals, with $346.39 million in outflows in June and $540.88 million in outflows in May.
All of this occurred as a second whale opened a massive exposure of $24.34 million, which included 20x leveraged Solana [SOL] and 25x Ethereum [ETH] positions. Nevertheless, the whale later closed out the ETH trade, earning $14.2K.
Ethereum’s supply distribution boosts confidence
However, Santiment’s supply distribution chart reveals a distinct difference between Ethereum holder groups over the previous three months.
The biggest whales with balances between 10 and 100 million ETH have gradually raised them to about 135.2 million ETH, indicating significant accumulation.
Since late May, mid-sized investors with 100–1,000 ETH have also increased their purchases, while smaller retail cohorts are still accumulating sporadically.
On the other hand, wallets that contain 10,000–100,000 ETH and 100,000–1 million ETH have decreased their holdings, indicating a redistribution of supply as opposed to a mass sale.
All things considered, the data suggests that Ethereum is shifting from a few major holders to mega-whales and smaller investors. This is a trend that shows long-term confidence and may help a future recovery by lowering the amount of liquid supply.
Final Summary
- Sharplink’s staked more ETH while whales and institutions are hoping into Ethereum.
- The price action and ETF outflow streak flag concerns for ETH’s upcoming trajectory.