ETH Whale Sell-off Puts Pressure on Price Despite Ethereum ETF Inflows

Despite strong inflows into spot Ethereum ETFs over the past few weeks, ETH ETH $2 457 24h volatility: 0.6% Market cap: $296.74 B Vol. 24h: $15.41 B price has continued to remain under strong selling pressure. On-chain data shows that this happens amid the heavy Ethereum deposits by whale entities on centralized exchanges (CEXs) and further sell-off. Additionally, the recent activity from Ethereum ICO whales has led to a negative sentiment about the largest altcoin.

ETH Whale Redeems 95,313 ETH Amid ETF Inflows

According to data from blockchain analytics platform EmberCN, a prominent Ethereum whale has redeemed 95,313 ETH over the past three weeks. This comes despite the fact that inflows into spot Ethereum ETFs have remained strong, with BlackRock’s ETHA dominating most of the flows.

Of the redeemed amount, over 68,000 ETH, valued at approximately $165 million, has been transferred to centralized exchanges (CEXs), sparking speculation of impending sell pressure, noted EmberCN.

很多朋友说最近 ETH ETF 持续流入、以太坊版微策略 SharpLink 也一直在购买，为啥 $ETH 表现还是非常疲软？

那可能是…有其它巨鲸/机构在出货😂
例如下面这个巨鲸/机构：他们在最近 3 周时间里，通过 2 个地址从质押赎回了 95,313 枚 ETH，目前已经将其中 68,182 枚 ETH ($1.65 亿) 转进了… https://t.co/L81WkcVag9 pic.twitter.com/dpGqFORDHe

— 余烬 (@EmberCN) July 1, 2025

The ETH whale under consideration originally staked the ETH last year at an average price of $2,878. However, the recent transfers occurred at an average price of $2,431, resulting in an unrealized loss of roughly $42.6 million. This movement highlights a potential trend of strategic repositioning or capitulation among large ETH holders amid market volatility.

Amid high institutional activity, the net inflows into spot Ethereum ETFs have crossed $4.2 billion.

On June 30, Ethereum ETF inflows across all US ETF issuers were $31.6 million, with Fidelity FETH alone contributing $25.7 million. Spot Ethereum ETFs registered net inflows of 106,000 ETH last week, marking the seventh straight week of positive momentum.

As $ETH rebounded from $2.2K to $2.5K, institutional appetite followed. Spot #ETH ETFs recorded 106K $ETH in net inflows last week – marking the 7th consecutive week of positive flows. pic.twitter.com/mDDhCsRIZk

— glassnode (@glassnode) June 30, 2025

ICO-Era Whales Deposit ETH, But Corporate Accumulation Continues

A previously inactive Ethereum wallet from the Initial Coin Offering (ICO) era of 2015 has woken up after nearly a decade, generating significant buzz within the crypto community. According to Etherscan data, the wallet holds more than 1,000 ETH, purchased during Ethereum’s Genesis event for just $310.

At current market prices, the wallet’s holdings are valued at approximately $2.44 million, marking an extraordinary 7,870x return on the original investment.

On the other hand, corporate adoption of Ethereum continues. On-chain data from the blockchain analytics platform Arkham Intelligence shows that SharpLink Gaming has increased its ETH holdings by an additional 4,951 ETH, worth approximately $12.4 million, in the last six hours, through an over-the-counter (OTC) purchase.

SharpLink Gaming(@SharpLinkGaming), which previously announced a purchase of 188,478 $ETH($473.6M) at $2,513, bought another 4,951 $ETH($12.4M) via OTC in the past 6 hours.https://t.co/cW8EvzSFxt pic.twitter.com/OMFNSeLE4A

— Lookonchain (@lookonchain) July 1, 2025

On the other hand, Fundstrat analyst Tom Lee, who was recently appointed chairman of the board of directors of BitMine Immersion Technologies, said that he’s willing to build the Microstrategy for Ethereum. This corporate race for ETH reserves could push ETH price to $3,000 soon.

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