Ethereum Whales Boost Holdings Amid Absent Institutional Demand

Ethereum whales are buying the dip, adding over 510K ETH to their collective balance since June 5, when the top altcoin approached $1,500.

This accumulation has partly helped push ETH toward $1,800, but institutional demand from the US remains absent. As a result, the market structure is fragile despite recent price recovery.

Institutional investors or US wallets with a balance of 100-1K and 1K-10K ETH recorded minimal changes in their holdings during the same period, indicating that they remain largely on the sidelines.

Vitalii Bulynin, CEO at Versus Trade, noted that Ethereum's opportunity is also its risk due to its complex valuation at the intersection of technology, finance, and crypto.