Ethereum Whale Activity Hits Five-Year High as ETH Nears $1,900

TLDR:

• Ethereum whale activity reached its highest level since May 2021 after WETH recorded 113,000 transactions above $100,000 in one week.
• BlackRock’s ETHA drew fresh inflows across several July sessions, adding another institutional demand signal around Ethereum-linked assets.
• BitMine now holds 5.78 million ETH and has staked 4.92 million tokens, keeping about 85% of its treasury outside normal exchange trading.
• ETH needs to hold $1,850 to preserve a move toward the 100-day EMA near $1,938, while a breakdown could expose $1,818 and $1,775.

Ethereum whale activity has surged as Wrapped Ether recorded 113,000 transactions above $100,000 during the past week. Santiment data shows the total marked WETH at its highest weekly level since May 2021. The movement came as ETH traded near $1,892.84, gaining 1.85% over 24 hours.

Ethereum whale activity shows large capital moving through Ethereum’s DeFi, lending, trading, and liquidity systems. It does not reveal whether every transaction involved buying. Still, the timing connects WETH whale transactions with rising institutional ETH demand and expanding network use. Santiment described the activity as movement through Ethereum’s financial rails rather than passive storage.

Ethereum Whale Activity Rises With ETF and DeFi Demand

Recent U.S. spot Ether ETF flows have provided another demand signal. Farside data shows BlackRock’s ETHA attracted $58.3 million on July 14 and $45.3 million on July 15. The fund added another $31.7 million on July 17. Total spot Ether ETFs recorded $36.7 million in net inflows that day.

These flows do not match the scale of the 113,000 WETH transactions directly. However, both trends show larger investors engaging with Ethereum-linked products. Ethereum whale activity becomes more notable when several demand channels rise together.

Corporate treasury activity also continues to reduce liquid ETH supply. BitMine acquired 7,430 ETH during the week ending July 19. The purchase raised its total holdings to 5,777,468 ETH, equal to about 4.8% of supply. The company has staked 4,917,189 ETH, representing roughly 85% of its treasury.

That staking position keeps a large amount of ETH outside normal exchange trading. BitMine said its current staking operations project $247 million in annualized revenue. The company has purchased ETH weekly since starting its treasury strategy in June 2025.

Institutional ETH demand also extends beyond treasury purchases. BitMine, SharpLink, and Joe Lubin backed Ethlabs, an independent organization preparing Ethereum for institutional adoption.

Ethereum Whale Activity Meets Concentrated Wallet Supply

Ethereum’s largest addresses require careful interpretation. The Beacon Deposit Contract holds 88.29 million ETH, but it represents pooled validator deposits. The WETH contract ranks second with about 2.44 million ETH locked as backing for Wrapped Ether. Neither address behaves like a discretionary whale wallet.

Exchange custody stays highly concentrated among other large addresses. Binance controls about 3.19 million ETH across three wallets. Robinhood holds roughly 1.59 million ETH across two identified addresses. Upbit, Bitfinex, and Gemini also appear among the largest exchange-linked wallets.

Arbitrum and Base bridge contracts hold more than 1.6 million ETH combined. Those balances support assets moving through Ethereum layer-2 networks. Robinhood Chain also uses ETH for gas and has generated heavy DEX activity since its July 1 launch.

Ethereum whale activity now meets a price structure placing $1,850 as the first support level. Holding that area could keep the 100-day EMA near $1,938 within reach. 

A daily close above that level may expose $2,000 to $2,100. A loss of $1,850 would shift attention toward the 50-day EMA near $1,818 and the broader $1,775 support area.

The post Ethereum Whale Activity Hits Five-Year High as ETH Nears $1,900 appeared first on Blockonomi.