Key Points:
- Ethereum staking surpasses 35M ETH, reducing liquid supply and setting long-term holding trends.
- Whales accumulate $2.5B in ETH as retail interest remains low and price holds near $2,570.
- Truth Social files for Bitcoin and Ethereum ETF, signaling broader push into regulated crypto access.
Ethereum has reached a new milestone in June as the total amount of ETH staked surpassed 35 million. Over 500,000 ETH were staked in the first two weeks of the month, marking a record high for locked supply on the Ethereum network. This trend suggests that more holders are choosing to secure their ETH in long-term staking contracts, removing it from active circulation.
At the same time, addresses labeled as accumulation wallets—those with no history of selling—have increased. These addresses now hold 22.8 million ETH, another record. Together, staking growth and accumulation behavior are reducing the liquid supply of Ethereum, which can have long-term effects on market dynamics.
Ethereum Whales Accumulate as Price Stalls Below Highs
According to data shared by crypto analyst Merlijn The Trader, Ethereum whales bought $2.5 billion worth of ETH in a single day. This was noted as the largest single-day inflow since 2018. The buying activity occurred quietly as retail interest remained low, showing a pattern similar to that seen during past early-stage market cycles.
Despite the large-scale accumulation, Ethereum’s price performance has cooled. As of press time, ETH was trading at around $2,571. This is down 2.09% over the past 24 hours and 3.98% over the past seven days.
Historical data shows that June tends to be a weak month for Ethereum, with average returns of -6.56%. This is only slightly better than September, which has the lowest historical performance with average losses over 10%.
Long-Dormant Wallets Reactivate and Begin Selling
Two ETH wallets that had been inactive for several years recently became active again. These wallets, categorized as Ethereum OG and early ICO participants, began transferring large amounts of ETH to exchanges. Per Lookonchain data, one address sold 500 ETH after an initial test transfer. The wallet had not shown any activity for two years before this movement.
Another ICO-era wallet, dormant since 2014, sent its entire balance of 2,000 ETH to Binance. That amount was later sold for roughly $5.13 million. Similar activity from this address was seen in 2023 when large transfers were followed by major liquidations. These moves may suggest profit-taking by long-term holders.
In addition, on June 16, Ethereum spot ETFs saw daily net outflows of around $10 million. Fidelity’s Ethereum Fund recorded the highest outflow, losing over 3,496 ETH. Other funds such as Invesco Galaxy and Grayscale Ethereum Trust also recorded withdrawals. Overall, the net outflow for the day totaled 3,748 ETH.
Despite these daily losses, the weekly net flow remained positive, adding up to 191,057 ETH.
In a related development, Trump Media & Technology Group’s Truth Social platform filed for a spot Bitcoin and ETH ETF with the US SEC on June 16. The filing signals an attempt to attract mainstream investors by offering regulated access to leading digital assets.
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Source: https://coincu.com/343768-ethereum-staking-hits-35m-ath-as-supply-tightens/