Key Takeaways
Ethereum is seeing rising ETF inflows, aggressive whale accumulation, and overheated Futures activity, all while spot markets bleed, signaling growing institutional confidence.
Despite facing a seller-dominated spot market, Ethereum [ETH] is quietly witnessing growing institutional and whale accumulation, setting the stage for a possible upside surprise.
Whale scoops $114M in ETH
As confirmed by Lookonchain, wallet 0xF436—likely tied to DeFiance Capital—accumulated 30,366 ETH worth $114 million within 28 hours.
This build-up aligns with a visible uptick in ETF Net Inflows, suggesting that institutional interest is far from fading.
CoinGlass data shows Ethereum ETFs are receiving strong inflows again, even as retail spot activity remains weak.

Source: CoinGlass
Smart money isn’t backing off
In another update, Lookonchain reported that top trader TheWhiteWhaleHL retained the top leaderboard spot despite recent market volatility.
The trader currently holds 48,405 ETH in Open Long Positions (worth $181 million) and an Unrealized Profit of around $33 million.

Source: Lookonchain
This resilience comes after a turbulent week of ETH Liquidations, suggesting that high-conviction traders are not only holding steady but scaling up.
Spot vs. Futures: Can leverage flip the narrative?
The divide between a struggling spot market and optimistic futures activity is growing starker. The real question now is: Can derivatives momentum push ETH above resistance, even as spot remains bearish?
AMBCrypto’s analysis of Whale Activity and Spot ETF Net Inflows points to rising mid-term confidence.
CryptoQuant’s Futures Volume Bubble Map also shows heating conditions, while the 30-day Spot Cumulative Volume Delta (CVD) remains in Taker Sell Dominant territory, indicating persistent spot-side pressure.

Source: CryptoQuant
A stealthy breakout in the making?
With leverage climbing and whales quietly accumulating, Ethereum may be gearing up for a breakaway. If Futures Volume keeps rising while Spot Supply dries up, bulls could regain control, regardless of short-term noise.
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