Whales Sell $528M ETH as ETH Accumulation Hits 9,119
Blockchain analytics firm Lookonchain reports that major Ethereum whales sold 178,080 ETH (~$528M) on July 17, led by Trend Research’s 79,470 ETH sale and another whale’s 98,610 ETH offloading. Despite this, an Ethereum spot ETF recorded $192M net inflows, signaling ongoing institutional demand. In the most recent nine hours, two wallets have accumulated 9,119 ETH (~$30.7M), marking renewed ETH accumulation and heightened whale activity. Traders should monitor on-chain metrics and whale addresses for further accumulation trends. The significant sell-off may create short-term price pressure, but sustained ETH accumulation and ETF inflows suggest bullish momentum, potential supply tightening, and upcoming volatility.
Bullish
The combined sell-off by Ethereum whales could exert short-term downward pressure on ETH prices as large supply enters the market. However, continued ETH accumulation by smaller wallets and robust Spot ETF inflows demonstrate strong demand and confidence in Ethereum’s upside. Historically, significant on-chain accumulation events precede bullish momentum and tighter supply, which can support higher price floors. Therefore, despite potential short-term volatility, the overall outlook for ETH remains bullish, driven by institutional ETF demand and renewed whale accumulation.