- Ethereum whale scooped up $39 million worth of ETH after it tapped the key $2,116 support.
- Is this the quiet accumulation phase before a Q3 breakout?
Following the recent market correction, Ethereum [ETH] has seen a notable spike in whale activity. In fact, one large wallet accumulated 17,070 ETH, worth roughly $39 million, shortly after ETH tapped the $2,116 support level.
According to AMBCrypto, the timing here is telling. While retail traders are still on edge, this whale saw the “dip” as an opportunity.
And historically, when whales step in like this during peak fear, it often marks a local bottom, or at least a phase of market stabilization.
That said, is Ethereum quietly laying the groundwork for a bullish Q3?
Panic selling meets strategic buying
Up until last week, Ethereum was on track to close Q2 with robust returns approaching 40%, maintaining firm support above $2,500 and keeping market FOMO alive.
However, after a sharp 13% correction, those gains have nearly halved. Once ETH slipped below $2,500, both whales and regular traders started taking profits to lock in gains and stem further losses.
Interestingly, spot exchanges have seen nearly 50,000 ETH flow in as investors moved funds on-chain. But now, it looks like this incoming liquidity is getting systematically absorbed.
According to Glassnode, the number of whale wallets holding over 1,000 ETH jumped to a 30-day net gain of 63, up from 39 just a day ago. That’s a sharp increase in big players quietly stacking more ETH despite the recent dip.
Source: Glassnode
Looking back at the post-April cycle, Ethereum’s price rallied over 100% within two months, decisively breaking the $2,800 resistance.
That run was backed by a big jump in whale accumulation, too. In fact, at one point, over 100 new whale wallets appeared in just a day.
If history repeats itself, could Ethereum be on track to see a similar price run-up by mid-Q3?
Ethereum’s high-stakes play
One spike in realized profits doesn’t mean we’re deep into a distribution phase just yet. However, Ethereum’s on-chain data is flashing warning signs.
Realized losses have surged to a weekly high of $311 million. Even more telling? This is the second time in under ten days that Ethereum’s Net Realized Profit/Loss has flipped negative.
That’s a sign that confidence is slipping. Traders aren’t waiting around for a bounce; they’re selling at a loss just to cut exposure. Such behavior typically surfaces during late-stage corrections or the early capitulation phase.
Source: Glassnode
It’s not the first time we’ve seen this, either. Back before the April rebound, Ethereum tanked to around $1,440, coinciding with a sharp uptick in realized losses.
That mass exit helped reset the market before the real accumulation kicked in. So sure, whales buying here is a good sign, but it’s not a silver bullet.
Without a shift in momentum and broader sentiment, a bullish Q3 remains a potential scenario, not a certainty.
