Ethereum Whales Accumulate Millions Despite Weakening Signals

Ethereum's whale accumulation has intensified, with institutions adding millions in ETH despite weakening on-chain signals. SharpLink Gaming, for instance, added 1,989 ETH worth $4.82 million, bringing its total holdings to 190,467 ETH, valued at nearly $478 million. Similarly, whale 0x1fc7, who previously staked 3,201 ETH, returned with another 1,888 ETH buy, immediately deposited into the Beacon Chain. However, ETH's price has shown no significant reaction to these large purchases, hovering around $2,428. This disconnect raises questions about the sustainability of Ethereum's recent network surge, which briefly soared past 250,000 new addresses before collapsing back to 24,800. This abnormal rise and crash may suggest speculative activity or short-term bot-driven bursts rather than sustained organic growth.

Ethereum's MVRV Z-score dipped to -0.18, indicating that many holders are now underwater. This shift could reduce profit-taking pressure and trigger a potential accumulation zone, as long-term investors tend to buy when MVRV falls into the negative territory. However, traders must wait for follow-through from other metrics before interpreting this signal as a green light. Ethereum’s NVT Ratio surged to 2044, its highest in recent months. This spike typically indicates an imbalance where network valuation far outpaces actual utility or transaction flow, often preceding corrections or long periods of sideways drift. Unless transaction volume catches up, even recent whale buys may hit resistance zones faster than expected.

While a few whales made headlines, the broader cohort backed off. Large Holders’ Netflow plunged 43.92% over the past seven days, implying more outflows than inflows across the board. This suggests that most institutions aren’t buying—yet. ETH faces a tug-of-war between bullish whale activity and weakening on-chain signals. While deep-pocketed buyers continue to add to their positions, metrics like NVT, network growth, and netflows suggest caution. The future upside likely lies in whether this selective accumulation turns into a broader trend. If not, ETH may struggle to break out until fundamental activity improves.