Ethereum Rallies 32% Despite $60M ETF Exodus – Has ETH Finally Found Its Footing?

Ethereum defies gravity with a blistering 32% surge—even as institutional investors yank $60M from ETH ETFs. The crypto’s perennial ’platform vs. asset’ identity crisis might finally be resolving... or Wall Street just missed the memo again.

Price pumps while ETFs bleed dry? Classic crypto. Either ETH’s utility narrative is winning, or traders are front-running the next VC-funded ’Web3’ buzzword. Place your bets.

Ethereum’s big reawakening

Interestingly, Ethereum’s whale activity is playing a counterintuitive game, moving inversely to ETH’s price action. 

Since the mid-December peak of $4,000, the number of Whale Addresses holding more than 1,000 ETH has been on the rise.

Concurrently, these high-net-worth wallets are currently in the red, stuck in unrealized losses. Hence, they’re lurking for any opportunity to either break even or snag a quick profit.

In fact, when ETH skyrocketed 30% to $2,345 on the 9th of May, the whale cohort shrank from 4,945 to 4,913. 

Source: Glassnode

Looks like, aside from ETF Outflows, even the so-called smart money is adding weight to the bearish pressure, either sitting tight or bailing out of the market.

And yet, Ethereum’s breakout is defying the gravity of this sentiment pile-on. 

Fueled by the Pectra upgrade, growing dominance in real-world asset (RWA) tokenization, and a cleaner ecosystem narrative, ETH is staging what market makers are calling a “structural cleanup.”

For the first time in a while, ethereum seems to be shaking off its “identity crisis,” and the on-chain metrics are backing up the momentum.

FOMO reloaded: On-chain moves ready to attract the big money

Ethereum’s breakout is reigniting FOMO. ETF flows have flipped green, pulling in nearly $18 million in fresh capital. 

Meanwhile, whales are re-entering the arena – Addresses holding over 10k ETH have finally turned net positive over the past 30 days, marking the first accumulation uptick in three months.

Historically, this kind of accumulation by mega-whales has been a reliable precursor to Ethereum’s parabolic expansions.

Source: Glassnode

It’s a clear signal: Smart money is eyeing higher beta, and ETH is back on their radar.

The $2,000 breakout didn’t happen in a vacuum. It was fueled by aggressive bid-side support, suggesting this isn’t just a short squeeze, but the beginning of a structural shift in demand.

If sustained, Ethereum could be gearing up for a fresh leg higher. 

Mega-whales showing up at the top is rarely random — ETH might just be back in “market mover” mode.