Mega-Whales Fuel Quiet Accumulation Of ETH

While media spotlights remain fixed on Bitcoin ETFs and Solana fluctuations, a silent but massive concentration is happening on Ethereum. Wallets holding more than 10,000 ETH, the famous mega whales, are increasing their positions at an unprecedented pace since 2022. Barely visible, this renewed accumulation suggests the beginnings of a bullish cycle.

Mega whales in action : more intense accumulation than in 2022

While Vitalik Buterin prepares a new secret plan to save Ethereum’s soul, wallets holding at least 10,000 ETH have seen their holdings climb by 9.31 % between October 2024 and July 2025, rising from 37.56 million ETH to 41.06 million ETH, according to Glassnode data.

This increase represents stronger accumulation than that observed before the 2022 rally. By comparison, between May and September 2022, just before ETH rose nearly 95 %, the increase in these wallets was noticeably less pronounced. The numbers speak for themselves :

• +9.31 % ETH accumulated in nine months by the “mega whales,” compared to +4 % to +5 % before the 2022 rally ;
• A return to 41.06 million ETH held, a level never reached since 2020 ;
• An accumulation happening silently, without strong volatility of the current price (~$2,600) ;
• A strategy reminiscent of late 2020, when ETH went from $460 to $1,220.

It is difficult, therefore, not to see this as a coordinated maneuver by informed actors. Market history shows that these crypto accumulation phases by large entities often precede notable bullish movements. This behavior remains largely invisible to the general public for now, but it represents a strong signal to analysts and professional investors.

A bullish technical signal forms : towards a price explosion?

Beyond the accumulation observed through on-chain data, the current chart analysis of Ethereum reveals a classic technical signal: a bull pennant. This consolidation pattern, often interpreted as a pause in a bullish trend, could lead to a bullish breakout towards $3,400 by August if it breaks upwards.

More ambitious projections even target $5,000 by the end of the year, provided the overall context does not worsen.

Additionally, another important factor is the distribution of Ethereum crypto acquisition costs by investors. Glassnode indicates that more than 3.45 million ETH have been acquired in the $2,500–$2,536 range, creating a solid support zone.

#ETH’s Cost Basis Distribution Heatmap shows ~$2.5K as one of the strongest accumulation zones in months. Over 3.45M $ETH has a cost basis in the $2,513–$2,536 range, reinforcing this level as a major support zone. pic.twitter.com/sA8eSTpfCX

— glassnode (@glassnode) July 8, 2025

This concentration of purchases at such a precise price shows that many long-term investors have consolidated their position around this level. Combined with capital entering ETH-oriented investment funds, especially ETFs, this strengthens the thesis of a stable base before a possible bullish restart.

These converging elements paint an optimistic but cautious picture. If Ethereum’s recent history repeats itself, the market could be undergoing a preparation phase for a new bullish cycle. Nonetheless, any projection remains subject to the structural volatility of the crypto market and exogenous macroeconomic factors.