Ethereum (ETH) experienced a significant dip below $3,000, attracting buying interest from whales and institutions. Data indicates a surge in large holder netflows and inflows to Spot Ethereum ETFs. The IOMAP metric highlights a key demand zone that could act as support and trigger a price recovery. However, declining network activity raises concerns about ETH's future price performance.
Ethereum (ETH) dipped below $3,000 earlier this week, the first time it has fallen below this psychological level since early November 2024. At press time, the world’s largest altcoin was trading at $2,645, following a 3% decline in 24 hours. While this dip affected the profitability of wallets that purchased ETH above $3,000, it also presented a buying opportunity for whales and institutions. Data from IntoTheBlock revealed that whales have been on a buying spree since February 4th.
This can be seen in the surge in large holder netflows, which jumped from -109,160 ETH to 174,000 ETH within just four days. Whales or large addresses typically accumulate during dips and sell at the top. Therefore, the rising inflows may be a sign that ETH may have bottomed, paving the way for a recovery. At the same time, Ethereum whale concentration has gradually increased over the past year, from 37% to 43% at press time. With whales controlling a significant share of Ethereum’s supply, buying activity from this cohort could spike volatility.Large addresses are not the only group buying the recent dip. Institutions also seem to be accumulating after weekly inflows to Spot Ethereum exchange-traded funds (ETFs) rose to a 2025 high. According to data, weekly inflows to Spot Ethereum ETFs have surged to $420 million. These inflows also marked the fifth-highest level for Ethereum ETFs since the products started trading in July 2024. These figures are a sign that Ethereum’s drop below $3,000 also attracted demand from institutions, suggesting that they remain bullish about the altcoin’s long-term performance. Finally, the In Out of the Money Around Price (IOMAP) metric highlighted a key demand zone below Ethereum’s press time price. This demand zone lay between $2,383 and $2,459, where 2.21 million addresses purchased ETH. Given the high profitability of addresses that bought ETH at this zone, it could act as an ideal entry point for buyers, while also serving as support. If ETH drops to retest this demand zone and confirms buyer strength, it could trigger a price recovery. However, despite the rising interest from whales and institutions, network activity on the Ethereum mainnet has continued to decline. As AMBCrypto reported, Ethereum’s gas fees dropped to a 2025 low recently, pointing to reduced network usage. Such a decline could ultimately fail to bode well for ETH’s future price performances
ETHEREUM WHALES INSTITUTIONS BUYING SPREE DEMAND ZONE NETWORK ACTIVITY GAS FEES
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