Ethereum Whales Load Up $950M as ETFs Flip Green, But Leverage Lurks

Ethereum whales are loading up, snapping up $950 million worth of ETH as the price claws back above a key institutional trendline. This whale accumulation happened even as ETH bled outflows from spot ETFs for weeks. Now, those ETFs are finally seeing green, adding $22.5 million on June 15th, mirroring patterns seen after previous trendline reclaims. On-chain data shows selling pressure drying up around June 7th, with holders pulling coins off exchanges, a classic sign of seller exhaustion. This capitulation phase, as described by analysts, often precedes a bottom formation. However, the party isn't entirely clean. Derivatives markets are showing a surge in open interest, climbing from $8.86 billion to nearly $10 billion. This leverage-fueled bounce is fragile; a sharp dip could trigger liquidations and send ETH spiraling back down. The key level to watch is $1,851 – a daily close above it confirms the bottom, but failure there means another bounce that fades.