Ethereum Whales Accumulate Despite Weak Price Action

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

Tom Lee's Bitmine also bought another 35,138 ETH, valued at $58.65 million from BitGo and Kraken, while Sharplink staked an additional 509 Ethereum this week, earning a total of 22,102 ETH.

The price of ETH was trading at $1,671.94 on June 23rd, having declined by 1.09% over the previous day and more than 20% over the previous month. ETFs were also experiencing outflows, with $346.39 million in withdrawals in June and $540.88 million in May.

Santiment's supply distribution chart shows that large whales are accumulating Ethereum, while smaller retail cohorts are still buying sporadically. This trend indicates long-term confidence and may help a future recovery by lowering the amount of liquid supply.