Is Ethereum (ETH) seriously underestimated now? Many whales bet

Ethereum (ETH) is starting to climb again with other markets. However, for the time being, it is still stuck at the $2,879 level.

Even as it struggles to win the highly anticipated “Altseason”, its online activity is telling a loud story.

Ethereum’s historical activities

On June 25, Ethereum recorded 1,750,940 confirmed transactions. It was the third highest number in its history and broke the long-term downward trend of on-chain activity.

The “Ethereum: Transaction Count (Total)” indicator captures all confirmed online transactions, including ETH transfers, DEFI operations, smart contract execution and DAPP interactions, and has a clear understanding of real use. There hasn’t been a high level of activity like this since January 14, 2024, when cryptocurrencies set their all-time highs and traded at 1,961,144 times before usage gradually declined.

The latest spikes are even as ETH prices show volatility, between $2,111 and $2,879 in the past month, as traders, DEFI protocols and arbitrage robots can actively adjust positions in real time. This difference between price weakness and strong on-chain activity suggests that early signals of accumulating and updating benefits may be generated even if not reflected in ETH’s market valuation.

Meanwhile, institutional and retail interests appear to be stable, with stable holdings on exchanges and transaction volumes on layer 2 networks such as arbitration and optimism, which continues to handle a large portion of Ethereum’s daily settlement activity.

These developments suggest that there is a deeper structural resilience in network usage patterns, CryptoQuant said.

“These developments enhance Ethereum’s critical role in the broader crypto ecosystem and show that the network’s recent chain spikes are not isolated events but part of deeper structural recovery.”

Among these signals of potential intensity, whale activity has become another key indicator of Ethereum confidence.

Whale purchase accelerated

The whales continue to actively accumulate and quickly discharge exchange supplies. Investor Ted Pillows highlighted One Whale’s $8.91 million ETH purchase yesterday, adding $422 million in Ethereum in a month.

These massive purchases show that even if overall market sentiment remains cautious, confidence among whales continues to grow.