Ethereum has rebounded 22% from its June low, alongside a sharp increase in large-holder balances tracked by Santiment.

According to NS3.AI, Santiment-tracked whale balances rose by about $950 million in under a week.

The report also said ETH spot ETFs recorded $22.50 million in inflows on June 15.

However, it noted that rising futures open interest could complicate the thesis that Ethereum has formed a market bottom.