Ethereum Whales Buy the Bottom as ETF Inflows Return: Is $2,438 Next?

Ethereum (ETH) whales keep adding to their holdings while the price trades near $1,963, up 4.3% in the last 24 hours. Three separate datasets now point to an accumulation two weeks after ETH broke its long-term descending trendline.

Glassnode data shows growing whale addresses, and US spot ETF flows have turned positive. However, one metric still refuses to confirm the recovery.

Ethereum Whales Grow Their Ranks at Yearly Lows

Glassnode's whale address count tracks wallets holding between 1,000 and 10,000 ETH. The metric bottomed near 4,750 addresses in early June and has since climbed toward 4,850.

Meanwhile, the 30-day change has stayed positive through most of July. This suggests sustained accumulation rather than a short-lived spike.

The timing separates this move from October 2025. Back then, Ethereum whales spiked while ETH traded near its record high, and the rally reversed soon after. This time, large holders are buying close to yearly lows.

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