- Ethereum’s large holder netflows surged from -109,160 ETH to 174,000 ETH over the last four days
- Whale accumulation below $3,000 also coincided with rising inflows to Spot Ethereum ETFs
Ethereum (ETH) fell below $3,000 earlier this week, marking the first time it dropped below this psychological level since early November 2024. At press time, the world’s largest altcoin was trading at $2,645, following a 3% decline in 24 hours.
While this dip affected the profitability of wallets that purchased ETH above $3,000, it also seemed to present a buying opportunity for whales and institutions.
Whales scoop up over 400,000 ETH
Data from IntoTheBlock revealed that whales have been on a buying spree since 4th February. This can be depicted by the surge in large holder netflows from -109,160 ETH to 174,000 ETH within just four days.
(Source: IntoTheBlock)
Whales or large addresses accumulate during dips and sell at the top. Therefore, the rising inflows may be a sign that ETH may have bottomed, paving the way for a recovery.
At the same time, Ethereum whale concentration has gradually increased over the past year from 37% to 43% at press time. Therefore, with whales controlling a significant share of Ethereum’s supply, buying activity from this cohort could spike volatility.
ETH ETFs inflows hit 2025 highs
Large addresses are not the only cohort buying the recent dip. Institutions also seem to be accumulating after weekly inflows to Spot Ethereum exchange-traded funds (ETFs) rose to a 2025 high.
According to SoSoValue data, the weekly inflows to Spot Ethereum ETFs have surged to $420M. These inflows also marked the fifth-highest level for Ethereum ETFs since the products started trading in July 2024.
These figures are a sign that Ethereum’s drop below $3,000 also attracted demand from institutions, suggesting that they remain bullish about the altcoin’s long-term performance.
Key demand zone for Ethereum
Finally, the In Out of the Money Around Price (IOMAP) metric highlighted a key demand zone below Ethereum’s press time price. This demand zone lay between $2,383 and $2,459, where 2.21M addresses purchased ETH.
(Source: IntoTheBlock)
Given the high profitability of addresses that bought ETH at this zone, it could act as an ideal entry point for buyers, while also serving as support. If ETH drops to retest this demand zone and confirms buyer strength, it could trigger a price recovery.
However, despite the rising interest from whales and institutions, network activity on the Ethereum mainnet has continued to decline. As AMBCrypto reported, Ethereum’s gas fees dropped to a 2025 low recently, pointing to reduced network usage. Such a decline could fail to bode well for ETH’s future price performances.
