Whales Add $950M of Ether as VWAP Reclaim Raises Risks

Large holders increased Ether balances by roughly 0.55 million ETH, about $950 million at current prices, as Ether rose about 22% from its June low and closed above the monthly volume-weighted average price (VWAP). The monthly VWAP was retaken on June 14. On June 15, spot Ether ETFs recorded $22.5 million of inflows, ending a run of outflows that mostly lasted from May 11 to June 12. Total net assets in the spot ETF complex are near $10.04 billion after the inflow.

On-chain data tracked by Santiment show addresses categorized as large holders raised their Ether balances from about 124.85 million ETH on June 10 to roughly 125.4 million ETH by mid-June. Exchange flow metrics from Glassnode indicate net flows to exchanges flipped to net outflows after June 7, consistent with coins leaving exchange custody rather than being deposited for sale.

Derivatives markets showed increasing leverage. Open interest in Ethereum futures rose from about $8.86 billion in early June to roughly $9.96 billion and briefly reached $10.27 billion, according to Santiment data. Higher open interest reflects more outstanding leveraged positions, which can increase liquidation risk if prices reverse sharply.

Price action around key levels remains a focus. Ether traded near $1,771 after the VWAP reclaim at $1,705. Market participants cite a daily close above $1,851 as the level that would validate the rebound. Immediate support levels are near $1,624 and the June low around $1,507; a sustained close below $1,507 would prompt a reassessment of the recent lows.

A report from Swissblock’s Altcoin Vector describes Ether as experiencing an extended capitulation phase and notes that bottoms tend to emerge only after selling pressure eases. Observers are monitoring whether ETF inflows continue and whether open interest stabilizes or declines.