Ethereum Whales Accumulate Over 24M ETH
On-chain data shows that Ethereum whales have accumulated a record of over 24 million ETH. This accumulation occurred during a recent 10% rally in ETH's price from approximately $1,830 to over $2,000. The large-scale buying by major holders suggests strong conviction in the asset's performance.
- This recent accumulation brings the total ETH held in accumulation addresses to over 24 million, a significant increase from under 6 million in 2023, indicating a strong long-term conviction from large holders. - The accumulation occurred while ETH's price was down 32.23% over the last 30 days and 37.63% over the last 90 days, suggesting whales are buying into weakness. - From a technical perspective, ETH remains below its 50-day Exponential Moving Average (EMA) of around $2,383 and its 100-day EMA near $2,729, both of which are trending downward and represent significant overhead resistance. - This pattern of whale accumulation during price corrections is a recurring theme; similar behavior in past market cycles has often preceded trend reversals and periods of consolidation before significant price growth. - On-chain data from a prior February decline showed that approximately 2.5 million ETH flowed into accumulation addresses, a scale of buying that has historically preceded major rallies. - While long-term holders are accumulating, some shorter-horizon whale wallets have been distributing into recent rebound attempts, selling around 260,000 ETH. - This divergence in behavior between whales and smaller retail investors is a notable market dynamic, with historical analysis suggesting that such "smart money" movements can precede significant price shifts. - Data from on-chain analytics firms like CryptoQuant, Glassnode, and Nansen are key resources for tracking these whale movements and flows into accumulation addresses.
