Largest ETH Accumulation Since 2018: Whales Buy Nearly 1 Million Ethereum

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Ethereum Whales Signal Major Market Shift with Record Buying Spree

In a striking development that has caught the attention of blockchain analysts and investors alike, Ethereum (ETH) saw its largest single-day accumulation by mid-tier whales since 2018. On June 26, 2025, wallets holding between 1,000 and 10,000 ETH collectively acquired 999,804 ETH—a massive influx that suggests growing confidence in Ethereum’s long-term trajectory. This surge coincided with a record-high staking rate of 29.02%, indicating structural tightening in ETH supply and reinforcing speculation of an impending bull rally.

At the time of writing, Ethereum trades near $2,538, testing resistance at the upper end of a consolidation zone between $1,500 and $2,500. While price action remains cautious, on-chain data reveals powerful undercurrents—whale accumulation, cold wallet reactivations, and increased staking—painting a complex but potentially bullish picture.

👉 Discover what smart money is doing in the current ETH market cycle.

Unprecedented Whale Activity Points to Strategic Accumulation

According to data from Glassnode, analyzed and shared by on-chain expert Quinten Franco, the June 26 buying spree marked the highest daily net inflow for mid-sized whale wallets in over seven years. These addresses—often associated with sophisticated investors or institutional players—now hold a combined 14.2 million ETH, reflecting sustained accumulation over recent months.

Such concentrated buying is rare and historically significant. Whale behavior often precedes major market moves, as these entities typically act on deep technical analysis and macroeconomic foresight. Their timing suggests they may perceive current valuations as attractive ahead of potential catalysts like ETF approvals, protocol upgrades, or broader crypto market recovery.

Dormant Whale Wakes Up After 1.2 Years

Adding to the narrative of growing confidence, a long-dormant Ethereum wallet reactivated on June 27, 2025, withdrawing 1,051 ETH (worth approximately $2.58 million) from Binance to a private cold wallet. The address had been inactive for over 14 months, making its sudden movement a notable on-chain signal.

This withdrawal aligns with a broader trend: moving ETH off exchanges reduces liquid supply, increasing scarcity and reducing sell-side pressure. When whales choose self-custody over exchange holdings, it typically signals long-term conviction rather than short-term trading intent.

A whale wallet woke up after 1.2 years and withdrew 1,051 $ETH worth $2.58M from Binance.

Staking Reaches All-Time High: Supply Squeeze Intensifies

On the same day as the whale buying frenzy, Ethereum’s staking ratio hit 29.02%—a new all-time high. This means nearly one-third of all circulating ETH is locked in staking contracts, effectively removed from immediate circulation.

Higher staking participation has several implications:

This structural shift strengthens Ethereum’s value proposition as a yield-bearing digital asset—not just a speculative token.

👉 See how staking trends are shaping the future of Ethereum yields.

Bullish Patterns Emerge: Is History Repeating From 2017?

Analyst Mikybull has drawn comparisons between current price action and Ethereum’s historic run in 2017, when a prolonged consolidation phase preceded a vertical breakout. Today’s sideways movement within the $1,500–$2,500 range mirrors that earlier pattern.

$ETH SEEMS TO FOLLOW 2017 PLAYBOOK

If history rhymes, a decisive close above $2,750** could trigger a rapid ascent toward **$4,000–$5,000. Such levels would represent a return to previous all-time highs and could be fueled by renewed institutional interest or macro tailwinds like falling interest rates or regulatory clarity.

However, technical patterns alone are not guarantees—on-chain fundamentals must support the move.

On-Chain Data Reveals Underlying Risks

Despite the bullish whale activity, not all indicators point upward. Several on-chain metrics suggest caution:

📉 Sluggish Network Growth

New Ethereum address creation briefly spiked above 250,000 but quickly collapsed to just 24,800. Such volatility often indicates bot-driven or speculative activity rather than organic user adoption. Sustainable growth requires consistent onboarding of real users—not temporary spikes.

📊 Negative MVRV-Z Score Suggests Market Still in Pain

The MVRV-Z Score—which measures whether holders are in profit or loss relative to network value—remains negative at -0.072. This means the average investor is still underwater, increasing the risk of further selling pressure if sentiment sours.

While negative zones can mark long-term bottoms (as seen in past cycles), confirmation through rising transaction volume or exchange outflows is needed before a reliable bottom is established.

⚠️ NVT Ratio Hits Multi-Month High

The Network Value to Transactions (NVT) Ratio has climbed to 2,044, signaling a growing disconnect between Ethereum’s market cap and actual on-chain usage. A high NVT ratio often precedes corrections, as valuation outpaces utility.

This doesn’t invalidate whale accumulation—but it does suggest that for a rally to sustain, real-world usage (DeFi, NFTs, Layer 2 activity) must catch up with price expectations.

Core Keywords & SEO Integration

Throughout this analysis, key themes naturally emerge:

These terms reflect both investor search intent and technical depth, ensuring relevance for readers seeking actionable insights into ETH’s future.

Frequently Asked Questions (FAQ)

What does whale accumulation mean for Ethereum’s price?

Whale accumulation often signals strong conviction among large investors who believe prices are low relative to future potential. Historically, sustained accumulation has preceded major rallies—though it's not a guaranteed predictor.

Why is staking important for Ethereum’s price?

High staking rates reduce circulating supply, creating scarcity. With nearly 30% of ETH locked up, fewer coins are available for sale, increasing upward pressure if demand rises.

What is a healthy NVT ratio for Ethereum?

An NVT ratio below 50 is typically considered healthy. Values above 100 suggest overvaluation relative to transaction volume. At over 2,000, current levels indicate caution—price may be outpacing actual usage.

Can Ethereum reach $5,000 based on current trends?

It’s possible if key resistance levels break and on-chain metrics improve. A confirmed move above $2,750 could open the path to $4,000–$5,000—but only if user growth and transaction volume support it.

What should investors watch next?

Monitor:

These signals would confirm bullish momentum beyond whale activity alone.

Is now a good time to buy Ethereum?

For long-term holders, current levels may offer strategic entry points—especially with whales accumulating and staking at record highs. However, short-term traders should wait for confirmation of breakout and improving on-chain health.

👉 Stay ahead with real-time whale tracking and market insights.

Final Outlook: Are Whales Seeing What We’re Missing?

The confluence of record whale buying, rising staking participation, and historical pattern repetition paints a compelling case for optimism. Yet caution remains warranted due to weak network growth and stretched valuation metrics.

Ultimately, whales don’t always get it right—but their behavior demands attention. If Ethereum can break above $2,750 and maintain momentum with improving fundamentals, a new bull phase may indeed be unfolding. Until then, the market remains in a high-stakes setup phase—one that could go either way.

For now, the message from large holders is clear: they’re positioning for something big. Whether retail follows—or gets left behind—depends on how well they read the on-chain signals.