Ethereum whales have reemerged, engaging in both staking and purchasing activities. Lookonchain data suggested that Andreessen Horowitz (a16z) seemed to be acquiring Ethereum. On June 23rd, a wallet linked to a16z withdrew 25,560 ETH, equivalent to $42.62 million, from Binance. On the same day, Tom Lee’s Bitmine acquired an additional 35,138 ETH, valued at $58.65 million, from BitGo and Kraken.In the past week, Bitmine has indeed disbursed $92 million for the acquisition of an additional 52,203 Ethereum.
As these two were accumulating Ethereum, the second-largest Ethereum DAT, Sharplink, staked an additional 509 Ethereum this week. Consequently, it has accumulated a total of 22,102 ETH to date. At the same time, the price of ETH was trading at $1,671.94, reflecting a decline of 1.09% over the previous day and a more significant drop of over 20% over the preceding month. ETH ETFs faced significant withdrawals, recording outflows of $346.39 million in June and $540.88 million in May.
All of this occurred as a second whale opened a massive exposure of $24.34 million, which included 20x leveraged Solana and 25x Ethereum positions. Nevertheless, the whale subsequently concluded the ETH trade, realising a profit of $14.2K. However, Santiment’s supply distribution chart illustrates a notable divergence among Ethereum holder groups over the past three months. The largest holders with balances ranging from 10 to 100 million ETH have incrementally increased their holdings to approximately 135.2 million ETH, suggesting notable accumulation trends. Since late May, mid-sized investors holding 100–1,000 ETH have notably ramped up their acquisitions, whereas smaller retail groups continue to accumulate intermittently.
Conversely, wallets holding between 10,000 and 100,000 ETH, as well as those with 100,000 to 1 million ETH, have reduced their holdings. This suggests a redistribution of supply rather than a widespread liquidation. All things considered, the data indicates that Ethereum is transitioning from a concentration among a limited number of major holders to a distribution involving both mega-whales and smaller investors. This trend indicates a sustained confidence that could facilitate a future recovery by reducing the overall liquid supply.