Ether Mega Whales Accelerate Accumulation Amid Weekend Dip and Recovery
Ethereum (ETH) mega whales continued accumulating the cryptocurrency during its weekend price dip, showing strong conviction despite market volatility. Onchain data indicates that these large holders are doubling down, potentially positioning themselves for further upside.
Massive Whale Buy Sparks Attention
Blockchain analytics firm Arkham Intelligence reported on Sunday that a single Ethereum whale address purchased $300 million worth of ETH through an over-the-counter (OTC) deal facilitated by Galaxy Digital. The address now holds 79,461 ETH, valued at approximately $282.5 million.
This significant accumulation comes as part of a broader trend, with whales and institutions stepping up their ETH acquisitions.
BlackRock ETF Drives Institutional Demand
Adding to the bullish sentiment, BlackRock’s iShares Ethereum Trust ETF has seen $1.7 billion in inflows across the last 10 consecutive trading days, signaling strong institutional interest in Ethereum exposure.
According to Dune Analytics, ETF onchain ETH holdings have surged over 40% in the past month, further reinforcing Ethereum’s appeal as a maturing financial asset.
Whale Address Count on the Rise
Data from Glassnode shows a sharp rise in the number of “mega whale” addresses, defined as wallets holding over 10,000 ETH. Since the beginning of July, more than 200 new mega whale wallets have emerged.
These include exchange reserves, custodial accounts, and ETF wallets, many of which have aggressively accumulated Ether in anticipation of future price growth.
Price Recovery Underway
After briefly dipping below $3,400 over the weekend, ETH showed resilience and rebounded to $3,560 by Monday.
Monika Mlodzianowska, Director of Strategic Partnerships at CoinW, suggested that while weak U.S. job numbers initially rattled investors, expectations of monetary easing could turn the tide in favor of risk assets like crypto:
“The labor market’s cooling trend initially spooked investors, but the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind.”
August Trend Still Cautious
Despite the recent rebound, August has historically been a weak month for Ethereum. ETH recorded double-digit losses in both 2023 and 2024, according to CoinGlass, although it posted a 35.6% gain in August 2021, during the bull market.
Crypto investors remain cautiously optimistic, especially with macro conditions in flux.
Eric Trump Weighs In; ETH Gets Wall Street Label
Adding to the media buzz, Eric Trump, son of U.S. President Donald Trump, took to X (formerly Twitter) over the weekend to encourage followers to “buy the ETH dip.”
Let me say it again:
₿uy the dips!!! $BTC $ETH https://t.co/VSOvTgnlOT
— Eric Trump (@EricTrump) August 2, 2025
Meanwhile, CNBC published a piece over the weekend calling Ethereum “Wall Street’s invisible backbone,” highlighting its growing integration with traditional finance.
