• Ethereum’s Spot ETF netflows were less positive, but the slowdown might be temporary
• Whale address count suggested that an active distribution phase may not yet be underway

Ethereum [ETH], at the time of writing, saw a sharp spike in active addresses on the network. Weekly active addresses climbed to a new all-time high of 17.4 million too. This massive amount of activity on the chain, despite the drop in cross-chain activity, signaled a hike in retail and institutional interest in the largest altcoin.

Not including the past four days, Ethereum Spot ETF netflows were generally positive for the majority of the previous six weeks. These heavy inflows were powerless to prevent the ETH price slide from $2,667 to $2,414 earlier in June.

Source: Coinglass

In fact, data from Coinglass revealed that the Spot ETF inflows have slowed down since 05 June. While this was only a couple of days of trading, it could set a trend if Monday and Tuesday also turn out to be slow.

Some signs of hope from Ethereum whale addresses

Source: Glassnode

The whale address count (holders with 1k to 10k ETH) had been trending higher from November 2024 to April 2025. It saw a sharp increase from 31 March to 13 April, going from 4,808 to 4,954. Since then, however, the whale count has been slowly dwindling.

The stasis over the past two months was concerning, but it also came alongside a relatively quick recovery for Ethereum. ETH fell to a low of $$1,537 on 22 April, but rallied to reach $2,738 on 13 May.

The lack of whale accumulation during the rally was slightly discouraging, but it could be worse. From April 2024 to June 2024, the whale count dropped 20%, but the price continued to rally until mid-May. This alluded to distribution during the rally – Something that has not yet occurred based on the metric trends in recent weeks.

Source: Coinglass

In the short-term, the whale orders data from Coinglass revealed a potential range formation for ETH. The local highs at $2.7k and $2.8k were littered with whale sell orders, while the local lows at $2,460 and $2,370 had buy orders.

Hence, it seemed unclear which way Ethereum would trend next. However, the strong Bitcoin [BTC] recovery over the weekend and on Monday suggested that the bullish sentiment could seep into the altcoin market and help ETH bulls.