Ethereum Whales Accumulate ETH Near Yearly Lows, Eyeing $2,438 Breakout

Ethereum whales have been accumulating ETH near yearly lows, and this trend is supported by three separate datasets.

Glassnode's whale address count has climbed to around 4,850 addresses since bottoming at 4,750 in early June, with the 30-day change remaining positive throughout July.

This accumulation phase contrasts with a similar move in October 2025, when Ethereum whales spiked near the record high and the price reversed soon after.

US spot ETF flows have also turned positive, with $103.9 million inflows recorded in the week ending July 24, marking a third straight week of net inflows.