On June 14th, Ethereum (ETH) 
$2,955 was trading at $2,508, reflecting a 0.88% decrease in the past 24 hours. Despite this dip, the cryptocurrency maintained its position above $2,500. Meanwhile, notable investors, often referred to as ‘whales’, have been reported to make significant ETH purchases in the past month. In a recent development, the U.S. spot Ethereum ETFs witnessed a net outflow of $2.2 million for the first time after 19 consecutive days of inflow. Technically, the price tested the strong support level of $2,500 but managed to close above it.
Large Investors Continue ETH Accumulation
According to data from the crypto analysis platform Santiment, major crypto wallets holding between 1,000 and 100,000 ETH have collectively purchased an additional 1.49 million ETH over the past 30 days. These acquisitions have increased the ETH holdings of this group by 3.72%. As it stands, these significant wallets control 26.98% of the total Ethereum supply.
Santiment highlighted that during a period where smaller investors were realizing profits, large investors continued accumulating. This behavior discrepancy suggests long-term confidence among the market’s substantial players, while smaller investors appear more cautious following recent price declines. The platform stated, “While small investor wallets have been selling for profit, large wallets continued with ETH accumulation during this process.”
Spot ETF Outflows and Technical Support
An important development took place with the spot Ethereum ETFs traded in the U.S. On June 14th, these funds registered a total net cash outflow of $2.2 million. This marked the first net outflow after 19 consecutive days of unofficial inflows to the spot ETH ETFs. Farside Investors noted, “For the first time, spot Ethereum ETFs experience net outflows, which could lead to a loss of momentum in institutional demand.”
This outflow was perceived as a sign of weakening institutional investor interest. Demand for ETFs is typically considered an indicator of institutional perspective. A potential slowdown in demand could affect price movements. From a technical standpoint, within the last 24 hours, ETH fluctuated between $2,499.39 and $2,580.53. The price reached $2,580 during the day, but later fell and briefly went below $2,500.
However, the cryptocurrency closed around $2,518.76 in the evening with increased trading volume, maintaining its stance above $2,500. This level is seen as both a psychological and technical support, indicating that the price moved within a relatively limited fluctuation range of 3.14%. Movement within a narrow price range suggests a balanced market outlook.
