Ethereum Whales Return to Binance, Signaling Potential Shifts Amidst Price Consolidation

Ethereum whales are making a notable return to Binance, reaching levels not seen since December 2023, which could signal potential market shifts.

• Ethereum’s Average Order Size on Binance has spiked for the first time since December 2023, indicating renewed interest from whale investors.

• Despite heavy buying pressure, ETH remains stuck in a price range between $2,400 and $2,700, with no breakout in sight.

The return of Ethereum whales may pave the way for significant market shifts, as increased buying activity contrasts with the recent price stagnation.

Whale orders rise, netflows flip bullish

The resurgence in whale orders on Binance is noteworthy, reflecting a resurgence of market confidence among large investors. This trend began on May 19, with whales re-entering the market aggressively. Such behavior is typical when significant trends are on the horizon.

Source: CryptoQuant

According to analyst Dark Frost, Ethereum’s Average Order Size has surged, a sign that large entities are accumulating ETH. Since mid-May, cumulative whale purchases have amounted to approximately 301,000 ETH. As observed, the Large Holders Netflow shifted from negative to a positive 108,000 ETH, indicating that buying pressure is overpowering selling activity.

Spot buyers dominate as retail joins the move

Interestingly, the buying momentum is not limited to whales. Retail investors are also participating actively in the market. June data indicates that smaller investors contributed significantly, with a Cumulative Volume Delta of +6,350 ETH—a clear sign of retail interest.

Source: CryptoQuant

The overall trend indicates that Ethereum’s Exchange Inflows have sharply declined, reinforcing the narrative of accumulation. With netflows consistently remaining negative, it implies that outflows are outweighing inflows, emphasizing the market’s bullish sentiment amongst holders.

Source: IntoTheBlock

Impact on ETH?

Despite the positive whale activity, Ethereum’s price remains under pressure. Currently priced at $2,512, ETH has experienced a slight drop of 0.38% within the day. The market is visibly caught in a period of consolidation, locked between the $2,400 to $2,700 range.

As both bulls and bears contend, the outcome remains uncertain. While buyers demonstrate resilience, sellers are equally active. The market will need to see a decisive breakout above the $2,700 resistance for a significant upturn. Until that occurs, Ethereum may remain in its current range.