Glassnode: Crypto Whales Are Accumulating ETH at Record Pace

While the price of Ethereum (ETH) remains in a sideways accumulation phase, on-chain data from Glassnode, one of the leading analytics firms, reveals a completely different story is unfolding behind the scenes: the biggest investors are taking decisive action.

According to the latest analysis report on July 9th, wallet addresses holding at least 10,000 ETH are accelerating their rate of accumulation. Notably, the current pace of accumulation even exceeds the rate observed in mid-2022, a period that preceded a 95% price rally for ETH.

Specifically, the data shows that the total amount of ETH held by this whale cohort has increased from a historic low of 37.56 million ETH in October 2024 to 41.06 million ETH as of this past Monday. This 9.31% increase is nearly double the rate of accumulation seen in the period from May to September 2022.

Market history has repeatedly proven that the actions of whales are often a leading indicator. A similar situation occurred from November 2020 to January 2021. At that time, whales increased their holdings by 4%, and immediately after, the price of ETH soared from $460 to $1,220. This reinforces the observation that whales often begin accumulating quietly before the market fully takes off.

In addition to the accumulation activity, Glassnode's data also points to a critical "value zone." The analysis shows that the $2,500 to $2,536 price range has been the strongest recent accumulation zone. Over 3.45 million ETH have been concentrated at this price level.

This turns the ~$2,500 price zone into not just a psychological support level, but a solid technical support "wall" built by the biggest players themselves. Any price drop to this zone is likely to be met with strong buying pressure from these whales, limiting further downside.

In summary, the on-chain data is painting a picture of strong conviction among the largest Ethereum holders. While smaller traders may be hesitating, the "smart money" is acting quietly and decisively. The combination of this record-breaking pace of whale accumulation, strong historical precedents, and a clearly defined on-chain support level suggests a potentially bullish market structure for ETH.