Ethereum Whales Step Up Buying as Spot ETF Inflows Hit $103.9M for the Week

Large Ethereum holders are increasing exposure as ETH trades around $1,963, up 4.3% over the past 24 hours, and continues to hold above a long-term descending trendline it broke in mid-July. On-chain data from Glassnode shows the number of wallets holding 1,000 to 10,000 ETH climbed from about 4,750 in early June to roughly 4,850. The buying is arriving near yearly lows rather than after a major run-up, contrasting with October 2025 when large-holder growth appeared closer to a market top. New wallets also accumulated 50,000 ETH in mid-July as the ETH/BTC ratio rose 6%, suggesting conviction building under recent price weakness. Institutional flows are pointing in the same direction. U.S. spot Ethereum ETFs posted a third consecutive week of net inflows, adding $103.9 million in the week ending July 24. July marked a return to positive net flows after roughly eight weeks dominated by outflows, with positive sessions spread across much of the month. Still, current demand remains measured: daily inflows are in the tens of millions, well below the $600 million to $1 billion days seen in August 2025. Network activity has not yet confirmed the renewed positioning. The 14-day moving average of active addresses sits near 400,000, far below the February 2026 surge around 800,000 and under June's local peak near 460,000. That gap leaves an unusual split between capital accumulation and on-chain participation. Market sentiment has also turned sharply bearish, a backdrop that has previously coincided with ETH rebounds, but stronger confirmation would likely require active addresses to rise alongside whale buying and ETF inflows. Technically, ETH remains capped just under the $2,000 resistance level after holding above the broken trendline for two weeks. The breakout occurred with futures open interest near $19.8 billion, but softer volume keeps the move from looking fully validated. A daily close above $2,000 could set up a push toward $2,438, the 0.618 Fibonacci retracement and a May supply zone, about 24% above current levels. A rejection would put $1,754 back in focus, with the former trendline near $1,600 as a deeper support area. The setup is improving, but a more durable advance likely depends on whales, ETF flows, and on-chain usage converging during the next decisive move.