Ethereum Whales Dive In as Price Action Remains Weak

Ethereum whales are buying into the cryptocurrency's recent dip, despite weak price action and ETF outflows. According to data from Lookonchain, Andreessen Horowitz (a16z) purchased $42.62 million worth of Ethereum on June 23rd, taking out $25,560 in ETH from Binance.

Meanwhile, Tom Lee's Bitmine bought an additional 35,138 ETH valued at $58.65 million from BitGo and Kraken, on the same day. In fact, Bitmine paid $92 million for another 52,203 Ethereum in the last week alone.

The price of ETH was trading at $1,671.94, having declined by 1.09% over the previous day and more than 20% over the previous month, with ETFs experiencing a wave of withdrawals, totaling $346.39 million in June and $540.88 million in May.

Sharplink staked an additional 509 Ethereum this week, earning a total of 22,102 ETH. The data suggests that Ethereum is shifting from a few major holders to mega-whales and smaller investors, indicating long-term confidence and potentially helping a future recovery by lowering the amount of liquid supply.