Ethereum Whales Are Accumulating—Is a Major Price Breakout on the Horizon?

As Ethereum lags behind Bitcoin in its price recovery, positive developments are unfolding beneath the surface. Recent data from IntoTheBlock reveals that large holders, often referred to as "whales," have been actively accumulating Ethereum over the past month.

Whales' Quiet Accumulation of ETH

IntoTheBlock reported via its X account that the net flow of Ethereum among large holders—those holding over 0.1% of the total supply—has significantly increased in the last 30 days. These whale wallets have mostly seen net inflows, indicating strong accumulation, with outflows recorded on only three days during this period.

In total, more than 1.7 million ETH have been acquired recently, with 175,000 ETH purchased in just the last two days. This consistent accumulation suggests that these large holders are confident in Ethereum's long-term potential.

Ethereum's Price Performance and Outlook

The confidence of these large holders is starting to be reflected in Ethereum’s price. Over the past week, ETH has gained approximately 5.9%, reclaiming a position above the $2,600 mark. Currently, it is trading at around $2,616, with a slight increase of 1.3% in the last 24 hours. Additionally, trading volume has surged, rising from below $14 billion last Wednesday to over $18 billion today.

Despite this positive trend, crypto analyst CrediBULL has expressed concerns about Ethereum's performance relative to Bitcoin. He noted that while Ethereum showed initial strength, it failed to break through local highs during the latest rally. This underperformance suggests that Ethereum may continue to face challenges against Bitcoin in the short term.

As the accumulation by whales continues and market dynamics evolve, all eyes are on Ethereum to see if it can break out and regain momentum.