Ethereum’s recent surge in active addresses on the network, reaching a new all-time high of 17.4 million, has sparked interest among retail and institutional investors in the largest altcoin. Despite a drop in cross-chain activity, the increased activity on the chain indicates growing interest in Ethereum.
While Ethereum’s Spot ETF netflows were generally positive over the past six weeks, they were unable to prevent a price slide from $2,667 to $2,414 earlier in June. Recent data from Coinglass shows that the Spot ETF inflows have slowed down since June 5th, raising concerns about a potential trend if this slowdown continues.
On the bright side, Ethereum’s whale address count, which tracks holders with 1k to 10k ETH, has shown signs of hope. After trending higher from November 2024 to April 2025, the whale count saw a slight decline in recent months. However, this decline has not yet led to an active distribution phase, as the price of Ethereum has remained relatively stable.
Looking at whale orders data from Coinglass, there are indications of a potential range formation for ETH in the short term. Local highs around $2.7k and $2.8k have seen whale sell orders, while local lows at $2,460 and $2,370 have buy orders. The uncertainty in market direction is palpable, but the recent strong recovery in Bitcoin over the weekend suggests a bullish sentiment that could spill over to the altcoin market and support ETH bulls.
In conclusion, Ethereum’s recent activity on the network, combined with mixed signals from ETF netflows and whale addresses, paints a complex picture for the second-largest cryptocurrency. As the market continues to evolve, investors will be closely monitoring these key metrics to gauge the future direction of Ethereum’s price movement.