EigenLayer Sees Surge in Whale Transactions as Smart Money Bets on Multi-Year Trajectory

EigenLayer has been the dominant player in Ethereum's restaking market, controlling around 94% of the space and peaking at $15B in total value locked. The Eigen Foundation unlocked EIGEN token transferability on June 21, 2026, allowing large-holder movements to be tracked more transparently.

A spike in whale transactions and new wallet creation followed, but the token price has not increased accordingly. In the week leading up to mid-July, EIGEN tokens rebounded by double digits, with open interest in derivatives climbing 27% - a signal that leveraged traders are placing bets on directional moves.

The current total value locked (TVL) is around $4.72B, a far cry from the peak of $15B. The decline in TVL represents a real liquidity shift, and protocols losing that much locked value typically face questions about user retention and competitive positioning.