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Ether (ETH) is trading at $1,658.71 on June 11, up 2.34% on the day, as per TradingView data. Price is holding above the $1,550-$1,600 dotted support band on the daily chart, the structural floor that absorbed the June 4-7 sell-off and the week’s low near $1,520.
The session closed near its high, the first time that has happened in the current bear leg. Two data sets published by Santiment on June 11 reframe what the price action obscures.
Santiment’s total holder data shows Ethereum’s non-empty wallet count at 195 million, placing it 5 million short of the 200-million milestone and 230% above Bitcoin’s 59 million.
✍️ TL;DR: Ethereum closing in on 200M non-empty wallets despite high crowd FUD
📊 Metrics Used: Total Holders
🔗 Link to chart: https://t.co/ftzphmty9W📈 Ethereum's network continues to grow exponentially, compared to other top caps, despite facing some of the most negative… pic.twitter.com/qRUtxqhOr6
— Santiment Intelligence (@SantimentData) June 10, 2026
The wallet growth curve on Santiment’s chart has not broken across any of the major market cycles since 2021, including the current decline. Users are still opening and maintaining Ethereum wallets at a pace no other top-cap asset matches. Tether’s USDt (USDT) holds 14 million non-empty wallets. XRP (XRP), Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK) trail further behind. The divergence between Ethereum’s wallet adoption trajectory and ETH’s price performance is the cleanest illustration of the network-token price disconnect.
The volume picture from the same source adds the capitulation framing. Santiment’s weekly trading volume chart shows Bitcoin (BTC), ETH, and altcoin volumes at their lowest level since mid-2024, a two-year low across the board.
✍️ TL;DR: Top caps are seeing 2-year low trading volumes, signaling capitulation that is needed to create a crypto relief rally.
📊 Metrics Used: Trading Volume
🔗 Link to chart: https://t.co/Rl2ynLFcF3📉 Trading volume across crypto’s largest non-stablecoin assets has fallen… pic.twitter.com/337kYKgipW
— Santiment Intelligence (@SantimentData) June 11, 2026
ETH weekly volume sits at $28.81 billion and BTC at $12.36 billion, with all other altcoin volume compressed to $133.78 million. Santiment frames the reading as exhaustion rather than the start of a new downtrend, noting that crypto’s strongest historical recoveries have emerged from periods of lowest volume and participation when traders become disengaged and convinced nothing will happen.
Volume drying up alongside wallet count at all-time highs is not a combination typically associated with distribution; it characterizes a market in search of its next catalyst.
On June 9, US spot Ether exchange-traded funds (ETFs) recorded $40.85 million in net outflows, per data from SoSoValue.
Within that aggregate, BlackRock’s ETHA bled $70.80 million. The number that matters sits on the other side: BlackRock’s iShares Staked Ethereum Trust (ETHB), which stakes 70%-95% of its holdings and distributes monthly yield, pulled $39.86 million in net inflows on the same session. Capital is not leaving Ether exposure; it is migrating from a price-only product to a yield-bearing one.
Two staking ETFs are already live. Grayscale’s ETHE launched in October 2025 and distributed $9.4 million in staking rewards in Q1 2026. BlackRock’s ETHB launched on March 12, 2026, with $107 million in seed assets. Five further amendments are pending US Securities and Exchange Commission (SEC) review: Fidelity, Franklin Templeton, Invesco, 21Shares, and VanEck, all filed within the Q2 2026 window.
The SEC and the Commodity Futures Trading Commission’s joint interpretive release on March 17, 2026, classified staking rewards as non-securities, removing the core legal barrier. Every ETH staked through these products sits behind an exit queue measured in days to weeks, a structural supply constraint that Bitcoin ETFs cannot replicate. If all five pending amendments are cleared before year-end, the compounding supply removal would have no precedent in digital asset markets.
The daily ETH/USD chart and technical data from TradingView show every major moving average (MA) above the current price. All major moving averages, from the 10-day to the 200-day, remain above the current price, reinforcing a broadly bearish technical outlook across short-, medium-, and long-term timeframes.
The Hull MA at $1,637.94 is the only average below the current price, now $20.77 below the June 11 close and turning upward for the first time since the decline from $2,400 began.
The relative strength index (RSI) reads 29.55, in oversold territory. The average directional index (ADX) reads 50.74, the highest of the entire bear leg, confirming dominant trend momentum is still in force.
Immediate support sits at the session low of $1,620.43, with the Hull MA at $1,637.94. The 10 SMA at $1,688.45 is the first level to reclaim on the upside.
Fidelity’s staking amendment falls within the Q2 2026 SEC review window, making any approval the most immediate binary for ETH’s structural demand. Glamsterdam’s public testnet on Sepolia and Hoodi remains the nearest protocol catalyst, with no mainnet date confirmed as of June 11.
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