- Ethereum hits $3,125 with whales accumulating heavily and exchange supply at decade lows.
- Institutional ETH inflows hit $205M last week as ETF buzz and Pectra upgrades fuel demand.
- Traders stay cautious as hedge funds build shorts, but long-term holders keep stacking ETH.
Ethereum‘s price just pushed up to around $3,125—roughly a 2.3% climb from the day before. This jump extends last week’s rally, which really took off after the Pectra upgrade rolled out. On-chain signals are flashing green too, with traders pointing to a clear shift in capital rotation. ETH is outpacing many altcoins lately, and that’s not going unnoticed.
Whale Activity and Shrinking Exchange Supply
Trading volume surged nearly 19%, now sitting around $12.4 billion—a sign the market’s heating up. Santiment data shows that only 4.9% of all ETH is still parked on exchanges, which is the lowest it’s been in 10 years. That’s a major accumulation signal. In fact, wallets holding over 10,000 ETH have snapped up an additional 450,000 tokens since late April. That kind of buying pressure usually doesn’t go ignored.
Funds Flow In, Eyes on ETF Decision
ETH-focused investment products saw a strong $205 million inflow last week, making it the biggest among crypto assets. And according to SoSoValue, U.S. spot Ether ETFs saw $30 million in net inflows this past month. BlackRock’s ETH fund now holds around $2.9 billion in assets. The Pectra upgrade played a part in this boost—it raised validator staking limits and brought account abstraction, which is pushing activity across Ethereum’s Layer-2s.
Mixed Signals from Hedge Funds
Still, not everyone’s convinced the rally sticks. FXStreet says hedge funds are leaning into short bets on ETH, likely bracing for a pullback or working delta-neutral setups. Meanwhile, on-chain watchers say long-term holders have been stacking all May. CryptoRank reports that over a million ETH has exited exchanges in the past 30 days. “People are choosing to hold, not flip,” the platform said.
Broader Market Tailwinds Lend Support
Zooming out, ETH’s rally is riding the same wave lifting U.S. tech stocks. The NASDAQ’s up about 1.3%, and investors seem to be breathing easier thanks to easing trade tensions and strong earnings reports. Add in Ethereum’s deep liquidity, upcoming ETF catalysts, and staking yields, and you’ve got a recipe for bullish sentiment. Still, traders say watch the macro environment—momentum might shift, but for now, Ether’s sitting on pretty solid ground.
