Ethereum (ETH) is once again drawing the attention of heavyweight investors. After months of subdued activity, new data suggests that large whales, holders of digital assets, are making a return.

According to CryptoQuant data shared by crypto analyst Dark Fost, Ethereum’s Average Order Size on Binance spiked in May 2025 for the first time since December 2023, hinting at a renewed appetite for accumulation.

Ethereum Whales on the Move

Ethereum’s recent trading range, between $2,400 and $2,700, has limited price action despite rising buying pressure. But whales are now making calculated moves.

Data from CryptoQuant analyst Dark Frost highlights that large ETH transactions have reappeared on Binance since May 19, 2025. These shifts are evident in the Average Order Size metric, which increased after months of inactivity.

During the price recovery earlier this month, whale activity spiked to 10,000 daily transactions, only to fade as prices stagnated.

However, on-chain metrics now point to a turnaround. IntoTheBlock data confirms that large ETH holders have cumulatively acquired 301,000 ETH recently.

More tellingly, the Large Holders Netflow swung from negative to a positive 108,000 ETH, indicating that whales buy more than they sell.

While Ethereum’s price hovered around $2,512 as of June 1, 2025, down 0.38% for the day, the shift in whale behavior coincides with a decrease in Ethereum’s Exchange Netflow.

This figure, which tracks the net amount of ETH moving in and out of exchanges, flipped negative from a recent high of 42,000 ETH. A sustained negative netflow often signals accumulation as more coins move off exchanges into private wallets.

Smaller investors also appear to be following the trend. Spot market data shows a cumulative volume delta of +6,350 ETH, reflecting buying activity outpacing selling pressure. Buyers acquired approximately 57,300 ETH over the same period.

Despite the rising accumulation, Ethereum’s price remains caught in a consolidation phase. Technical indicators show that ETH is trading below its key simple moving averages (SMA), with the daily 50-SMA and 200-SMA at $2,250 and $2,300, respectively. This suggests that while large holders are increasing their positions, market sentiment has yet to turn fully bullish.

ETH/USDT Price Chart|Source: TradingView

Dark Defender, a prominent technical analyst, pointed out earlier patterns where whale reaccumulation often precedes breakout movements. However, the data shows that while the whales absorb sell pressure, resistance levels around $2,700 remain intact. 

This leaves Ethereum trapped in a tug-of-war between buyers and sellers. The critical question is whether the sustained accumulation by whales and retail investors can tip the scales. If buying pressure continues and breaks the $2,700 resistance, it could pave the way for a new upward trend.

For now, Ethereum’s price movements remain range-bound. But with large holders positioning themselves early and net flows signaling a shift toward accumulation, the groundwork may be in place for a potential breakout—if the broader market conditions align.

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Filed under: Bitcoin - @ June 9, 2025 3:18 pm