Ethereum whales added $58 million in ETH over two days, on-chain data shows, while spot ETF inflows resumed and the network’s Glamsterdam upgrade entered private devnet testing. The buying spree came as ETH traded near $1,797 on June 17, with the market also focused on the Federal Reserve’s policy meeting concluding June 18.
Lookonchain reported that Bitmine, connected to Tom Lee, bought 20,000 ETH (~$35.85 million) from FalconX. Separately, geminstar.eth accumulated 11,142 ETH (~$19.94 million), bringing its two-day total to 32,278 ETH. A wallet linked to BitMEX co-founder Arthur Hayes also purchased 1,400 ETH (~$2.51 million). This activity marked a shift after a US-Iran peace deal improved risk appetite across crypto.
In parallel, US spot Ethereum ETFs recorded inflows of $22.5 million and $9.59 million on successive days, ending a streak of outflows. The combined $32.09 million in institutional flows, however, lagged behind the whale accumulation, suggesting high-conviction individual capital is deploying more aggressively than regulated fund infrastructure.
From a technical perspective, ETH continues to hold above the 0.382 Fibonacci retracement near $1,711, but resistance at $1,838 caps upside momentum. Binance ETH open interest sits at $5.54 billion, just below the 30-day average of $5.58 billion, with a Z-Score of -0.28 indicating no extreme leverage buildup. Analysts remain split: Michaël van de Poppe called it a “phenomenal spot” for buyers over 6–12 months, while trader BATMAN warned that the 56-week cycle suggests a late-stage correction.
The Glamsterdam upgrade, which aims to improve block efficiency and reduce infrastructure reliance, is now in private devnet testing. Coupled with the Fed decision and Chair Kevin Warsh’s forward guidance, these network and macro events create a dense catalyst schedule for ETH. The latest CPI reading of 4.2% year-over-year adds pressure on the Fed to hold rates steady, which could influence ETH as a risk asset.
