Whale and Shark Wallets Add $3.79B in ETH Despite Modest Price Action

Ethereum (ETH) whales and sharks have significantly increased their holdings over the past month, even as retail investors cashed out amid price stagnation. According to blockchain analytics firm Santiment, large Ethereum holders have been quietly accumulating billions in ETH, while smaller investors appear to be banking profits after the recent market upswing.

Whales Add Nearly $3.8 Billion in ETH in 30 Days

In a post on X (formerly Twitter) on June 13, Santiment reported that wallets holding between 1,000 and 100,000 ETH — commonly categorized as whales and sharks — have collectively added 1.49 million ETH, valued at approximately $3.79 billion, over the past 30 days.

This marks a 3.72% increase in their total holdings, bringing their combined ETH balance to 41.61 million, or nearly 27% of Ethereum’s total circulating supply as of June 12.

“Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit,” Santiment noted.

🐳 There are currently 6,392 wallets holding between 1K and 100K Ethereum. Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit.

During these past 30 days, a net of +1.49M more $ETH has been accumulated by… pic.twitter.com/1hPBTuAOrL

— Santiment (@santimentfeed) June 13, 2025

DeFi Activity Signals Broader Whale Engagement

The uptick in ETH accumulation isn’t limited to simple HODLing. According to Santiment, Ethereum whales are also re-engaging with the DeFi ecosystem, with significant increases in whale transaction activity across major protocols.

• Ethereum Name Service (ENS) led the pack with a 313.5% rise in whale transactions in the second week of July

• Ethereum-based lending protocols followed with a 203.8% increase

• Layer 2 platforms like Arbitrum and Optimism saw triple-digit growth in USDC transfer volumes, further highlighting Ethereum’s ecosystem-wide adoption trend

This suggests that institutional and high-net-worth players are not just accumulating ETH, but are actively deploying capital across DeFi applications.

ETH Price Lags Behind On-Chain Optimism

Despite the surge in whale activity, ETH’s price performance has been relatively muted. Over the past 14 and 30 days, ETH is up just 1.8% and 3.8%, respectively, according to CoinGecko.

Ethereum is currently trading at $2,575, nearly 48% below its all-time high of $4,878 set in November 2021.

“While on-chain indicators look strong, price action remains underwhelming — likely due to macro headwinds and a still-cautious retail base,” one analyst told Cointelegraph.

Spot ETH ETF Inflows Stall After Record Streak

Institutional interest has also been evident in the spot Ethereum ETF market. U.S.-based ETH ETF products recently completed a record-setting 19-day inflow streak, with a cumulative $1.37 billion flowing into the products, largely driven by BlackRock’s iShares Ethereum Trust ETF.

However, the streak ended on Friday with net outflows of $2.1 million, according to Farside Investors, signaling a possible cooling off period after several weeks of sustained accumulation.

“It’s not a sign of bearish reversal — just profit-taking or rotation,” said one ETF analyst.

Sharplink Gaming’s Ethereum Strategy Shocks Investors

Meanwhile, Sharplink Gaming, the first public company to announce an Ethereum treasury strategy, saw its stock plummet 73% in after-hours trading last Thursday. The drop came after the company filed to register a large volume of shares for potential resale, a move that appeared to spook investors anticipating a straightforward ETH accumulation play.

Chairman Joseph Lubin, who also serves as CEO of Ethereum software company ConsenSys, responded by clarifying that market participants misinterpreted the filing, which was not indicative of imminent share dilution.

Sharplink previously announced on May 30 plans to sell up to $1 billion in common stock, with most of the proceeds allocated toward purchasing Ethereum.

Retail Caution Remains, but On-Chain Metrics Stay Bullish

While whales accumulate and institutions build ETF exposure, retail sentiment remains cautious, as reflected in:

• Underperformance in ETH price relative to BTC

• Moderate trading volumes

• Slower retail wallet growth

Yet, on-chain metrics like whale accumulation, DeFi activity, and stablecoin flows on Ethereum Layer 2s suggest a resilient underlying network and growing institutional confidence.

Conclusion

Ethereum’s recent market dynamics reveal a widening divide between long-term institutional positioning and short-term retail profit-taking. With whales and sharks quietly adding $3.79 billion in ETH, and activity surging across Ethereum’s DeFi ecosystem, the underlying fundamentals continue to strengthen — even as price action remains subdued.

As ETH awaits clearer macro signals and potential catalysts like spot ETF adoption, the current phase may represent accumulation beneath the surface, setting the stage for Ethereum’s next major breakout.