Ethereum Whale Buying Hits 6-Year High: Is a $5K Rally Ahead?

Key Takeaways:

• Nearly 1 million ETH was bought by large holders in one day—the highest since 2018.
  
• 29.02% of all ETH is now staked, reducing circulating supply and tightening market conditions.
  
• ETH is retesting a key historical support range; holding this zone could trigger a rally toward $4K–$5K.

Ethereum [ETH] experienced a historic surge in whale accumulation, with nearly 1 million ETH scooped up in a single day—the largest one-day accumulation since 2018. According to on-chain data from Glassnode, shared by Quinten on X, the total ETH holdings of wallets containing between 1,000 and 10,000 ETH rose sharply to 14.2 million by the end of June.

This buying spree occurred while ETH prices were hovering below $2,500, a price zone historically known as a macro-cycle bottom. The data indicates that Ethereum whales may be preparing for the next major market move.

Dormant Wallets Reactivate as Buying Intensifies

Further on-chain analysis reveals that long-dormant whale wallets are beginning to stir. One address, inactive for over 1.2 years, withdrew 1,051 ETH (around $2.58 million) from Binance to a cold wallet, signaling a shift toward long-term holding and possibly reduced exchange liquidity.

The uptick in whale transactions coincided with increasing optimism among large holders, potentially driven by historical precedents where accumulation at similar price levels preceded explosive rallies.

Ethereum Staking Hits Record High

In addition to accumulation, ETH staking reached a new all-time high. As of June 25, over 29.02% of Ethereum’s supply was staked, temporarily locking it out of circulation. This surge in staking is a dual signal: it reflects rising investor confidence and actively reduces available supply—factors that can tighten market structure and provide price support.

With both whale accumulation and staking growing in tandem, Ethereum’s circulating supply is being increasingly constrained, potentially setting the stage for a bullish price breakout.

Also Read: Ethereum Stablecoins Hit All-Time High: 750K Weekly Users Signal Growing Utility

$2,500 Zone Remains Key to ETH’s Next Move

Technical charts suggest that Ethereum has once again entered a historically significant support zone between $1,550 and $2,500—a range that previously marked market bottoms in 2017, 2019, 2020, and 2021. If ETH holds this level and breaks above $2,750, analysts believe a move toward the $4,000–$5,000 range is feasible.

At press time, ETH trades near $2,459, testing the critical lower boundary of this zone. A failure to hold could result in a retracement toward the $1,700 support, making the $2,460–$2,750 region a crucial breakout range to watch.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses

Andrew Chen

I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.