Ethereum Market Analysis: Whale Profit Surge and Network Growth
June 29, 2025 | Markets Analysis
Ethereum has breached its $2.7K resistance level, suggesting renewed bullish momentum in the cryptocurrency market.
Ethereum Whale Sees Record Profit
According to blockchain analytics platform Lookonchain, a prominent Ethereum whale executed two large trades over the past 44 days, yielding nearly $31 million in profits.
The trading pattern was captured by Lookonchain, which noted the whale sold 30,000 ETH for $82.76 million on June 10, locking in substantial gains after the price increased from around $1,830-to-$2,621 in previous transactions.
Ethereum Whale’s trading activity. Source: Lookonchain/X
Compare two apex trading points:
| Date | Action | ETH Amount | Value (USD) | ETH Price |
|---|---|---|---|---|
| Apr 27 (Buy) | Purchase | 30,000 | $54.9M | $1,830 |
| May 22 (Sell) | Sale | 30,000 | $78.63M | $2,621 |
| May 27 (Buy) | Purchase | 30,000 | $75.56M | $2,518.7 |
| June 10 (Sell) | Sale | 30,000 | $82.76M | $2,758.7 |
This represents a total trading volume of $308.85 million across four transactions, with the whale securing approximately $31 million in cumulative gains.
Market Sentiment and Technical Analysis
Ethereum has decisively broken through its monthly consolidation range of $2,300-$2,800, reaching a 15-week high near $2,827 on June 10. A close above $2,700 would mark the highest level since February 24.
Ethereum weekly address engagement chart. Source: growthepie
Ethereum Network Growth Exceeds Expectations
Ethereum’s network usage has experienced remarkable expansion in the first quarter of the year, with unique addresses increasing by a record 70.5%. Earlier this month, the ecosystem reached an all-time high of 17.4 million active addresses, with 16.4 million observed on June 10.
The growth has been primarily driven by the Base network, which accounted for 72.81% of the 11.29 million addresses reported last week—nearly three times higher than Ethereum’s mainnet at 2.23 million.
Despite this impressive growth, Ethereum’s decentralized finance (DeFi) sector maintains dominance with a 61% share of the total value locked (TVL) exceeding $66 billion. However, declining network fees of just $43.3 million over the past 30 days have raised questions about the network’s economic sustainability, particularly since supply reduction increasingly relies on fee income.
Futures Market Imbalance Positions ETH for Continued Volatility
Ethereum’s ongoing bull market is underscored by record-high futures open interest exceeding $40 billion, signaling substantial leverage exposure across exchanges. This elevated level creates potential binary outcomes as breakouts or breakdowns unfold.
Ethereum liquidation chart with open interest and liquidation levels. Source: CoinGlass
Current market dynamics indicate a precarious equilibrium as $2 billion in long positions face liquidization at $2,600, while $1.8 billion in shorts risk forced sales below $2,900. This delicate balance leaves market makers strategically positioned to influence prices in either direction.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
