Ethereum Whales Accelerate Accumulation, Surpassing Pre-2022 Rally Levels According to Glassnode Data

Data from Glassnode reveals a significant uptick in accumulation by Ethereum whales—entities holding a minimum of 10,000 ETH—highlighting a strategic build-up surpassing pre-2022 rally levels. As of early July, these large holders have increased their combined ETH reserves from a historic low of 37.56 million in October 2024 to 41.06 million, marking a robust 9.31% rise. This acceleration nearly doubles the accumulation pace observed during the May to September 2022 period, which coincided with ETH’s price appreciation from approximately $1,000 to $1,950.

Historical trends underscore that whale accumulation often precedes significant market rallies. For instance, between November 2020 and January 2021, a 4% increase in whale holdings aligned with ETH’s price surge from $460 to $1,220. Such patterns suggest that these large-scale investors play a pivotal role in market dynamics and price support.

Currently, the $2,500 to $2,536 price band emerges as a critical support zone, with over 3.45 million ETH concentrated at this cost basis. This accumulation cluster reinforces the market’s foundation and could serve as a key indicator for future price stability and investor confidence in Ethereum.