Tldr:
- Ethereum whale activity reached its highest level since May 2021 after WETH recorded 113,000 transactions worth over $100,000 in one week.
- BlackRock’s ETHA attracted new inflows across several sessions in July, adding another institutional demand signal around Ethereum-related assets.
- BitMine now holds 5.78 million ETH and has staked 4.92 million tokens, keeping about 85% of its treasury outside of regular exchange trades.
- ETH needs to hold $1,850 to sustain a move towards the 100-day moving average near $1,938, while a breakout could expose $1,818 and $1,775.
Ethereum whale activity has surged as Wrapped Ether recorded 113,000 transactions worth over $100,000 over the past week. Santiment data shows total WETH at the highest weekly level since May 2021. This move came with ETH trading near $1,892.84, up 1.85% over 24 hours.
Ethereum whale activityHow large capital moves across Ethereum’s DeFi, lending, trading and liquidity systems. It does not disclose whether each transaction involves a purchase. However, the timing links WETH whale transactions with rising institutional demand for ETH and expanding network usage. saint Activity is described as movement across Ethereum’s financial paths rather than passive storage.
Ethereum whale activity surges with demand for ETFs and DeFi
Recent inflows of Ethereum ETFs into the US have provided another demand signal. Farside data shows that BlackRock’s ETHA attracted $58.3 million on July 14 and $45.3 million on July 15. The fund added another $31.7 million on July 17. Total Ethereum ETFs recorded $36.7 million in net inflows that day.
These flows do not directly match WETH’s transaction volume of 113,000 transactions. However, both trends show that large investors are getting involved with Ethereum-related products. Ethereum whale activity becomes more noticeable when several order channels rise together.
Corporate treasury activity also continues to reduce the liquid supply of ETH. BitMine acquired 7,430 ETH during the week ending July 19. The purchase brought its total holdings to 5,777,468 ETH, equivalent to about 4.8% of the supply. The company owns 4,917,189 ETH, which represents about 85% of its treasury.
This position holds a large amount of ETH outside of regular exchange trades. BitMine said its current storage operations expect annual revenue of $247 million. The company has been purchasing ETH weekly since it began its treasury strategy in June 2025.
Institutional Demand for Ethereum It also extends beyond Treasury purchases. BitMine, SharpLink, and Joe Lubin have backed Ethlabs, an independent organization preparing Ethereum for institutional adoption.
Ethereum Whale Activity Meets Concentrated Wallet Supply
The largest Ethereum addresses require careful interpretation. The Lighthouse Deposit contract holds 88.29 million Ethereumbut it represents the auditor’s combined deposits. The WETH contract ranks second with approximately 2.44 million ETH locked as backing for Wrapped Ether. Neither address behaves like a discretionary whale wallet.
Custody of the exchange remains highly concentrated among other large addresses. Binance controls about 3.19 million ETH across three wallets. Robinhood holds approximately 1.59 million ETH across two specific addresses. Upbit, Bitfinex, and Gemini also appear among the largest exchange-linked wallets.
Arbitrum and Base Bridge contracts hold over 1.6 million ETH combined. These balances support assets moving across Ethereum’s Layer 2 networks. Robin Hood series It also uses ETH for gas and has generated heavy DEX activity since its launch on July 1.
Ethereum whale activity is now meeting a price structure that places the first support level at $1,850. Maintaining this area could keep the 100-day EMA near $1,938 within reach.
A daily close above this level could expose the $2,000 to $2,100 level. A loss of $1,850 would shift attention towards the 50-day EMA near $1,818 and the broader support area of $1,775.
