Ethereum's whale accumulation sets stage for potential breakout amidst sideways trading

The recent activity reveals that large Ethereum wallets have accumulated nearly 1.5 million ETH in the past month, signifying a 3.70% increase in their holdings, now owning over 41 million ETH—about a quarter of all circulating Ether. Meanwhile, retail investors have been cashing out profits and the price has remained relatively stable, with ETH trading around $2,625, approximately 45% below its all-time high. Despite sideways price movement, on-chain activity shows rising engagement in Layer 2 solutions and services, with transaction volumes surging in Ethereum Name Service and lending protocols, alongside increased transfer activity of USDC. Institutional interest remains robust, with consistent inflows into spot ETH ETFs, primarily through BlackRock’s product, indicating a strong willingness among large investors to hold ETH. The accumulation by whales coupled with growing on-chain activity and sustained institutional inflows suggests a potential for upward price movement when market demand aligns with a triggering event.