Ethereum (ETH) has bounced 22% off its June low as large wallets absorbed roughly $950 million in coins, reviving talk of a market bottom.
Key Points:
- ETH has climbed about 22% from its June trough near $1,507 and reclaimed its monthly VWAP.
- Whale wallets added close to $950 million in ETH within a week as exchange outflows resumed.
- Rising futures open interest points to a leverage-led bounce, leaving the bottom unconfirmed.
Ethereum Reclaims Monthly VWAP
The token closed back above its monthly volume-weighted average price on Jun. 14, a line many trading desks treat as the divide between accumulation and distribution. It climbed past $1,705 and now trades near $1,771, about 22% above the June trough near $1,507. Past reclaims of that line in April and May each preceded short rallies before momentum faded.
Spot ETF products tied to ETH took in $22.50 million on Jun. 15, snapping an outflow run that had stretched across roughly five weeks and near $900 million. Total net assets across the funds now sit close to $9.96 billion, far below their peak.
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Whale Accumulation Signals Seller Exhaustion
Large holders kept buying through the decline rather than waiting for the cross. Addresses tracked by Santiment lifted their balance from about 124.85 million ETH on Jun. 10 to roughly 125.4 million now, worth close to $950 million in under a week. On-chain figures put that accumulation at its fastest pace of 2026.
Heavy selling appears to have dried up around Jun. 7, when coins began moving off exchanges into private storage, a shift that lines up with the whale buying. Research firm Swissblock frames ETH as deep in a capitulation phase, the sustained stress that often forms a floor once sellers burn out.
Leverage Clouds The Bottom Call
One factor complicates the bottom call. Open interest in ETH futures has jumped from about $8.86 billion in early June to roughly $9.96 billion, briefly touching $10.27 billion. Durable bottoms usually form after leverage flushes out and stays low, yet here it is rebuilding as price climbs.
Those crowded longs look fragile.
A daily close above $1,851 would confirm the rebound, while $1,624 and the $1,507 low mark the floors beneath it. The bounce caps a brutal month that dragged ETH from above $2,000 to multi-year lows on a record stretch of ETF redemptions. Whether this reclaim holds or fades back under the VWAP will decide if the bottom is real.
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