Ethereum HODLers Accumulate 35.97% More ETH in June

On July 3rd, data from CryptoQuant revealed that rigorously filtered HODLing addresses, excluding exchange wallets with minimal outflows, accumulated over 22.7465 million ETH by June 30th. This represents a substantial 35.97% increase from 16.7281 million ETH at the start of June. These entities acquired a net total of 6.0184 million ETH during the month, setting a new monthly record for accumulation. As of July 1st, the average acquisition cost stood at $2,114.70, with the current ETH price of $2,565 reflecting a 21.29% unrealized gain.

In addition to the accumulation, ETH liquidity staking volumes rose from 34.546 million ETH to 35.526 million ETH in June, representing a near 1 million ETH increase or a 2.83% growth. On July 1st, staking volumes reached an all-time high of 35.564 million ETH. Market analysts attribute this trend primarily to institutional investors, ETF funds, and large holders leveraging protocols such as Lido and Binance staking to generate returns while anticipating potential price appreciation.

Despite ETH’s price not yet breaking out, the persistent record accumulation and staking by institutional players indicate a possible forthcoming upward momentum. The divergence between on-chain metrics and price action suggests a “spring effect,” where prolonged consolidation could lead to a more robust rebound in the crypto market.

Ethereum has recently witnessed a significant surge in institutional holding, with the number of addresses holding between 1,000 and 10,000 ETH reaching an all-time high. This figure suggests a strong bullish sentiment among large holders and institutional investors. The Ethereum Foundation's recent transfers of over 32 million dollars in ETH to multisig wallets have sparked debate within the community. Critics argue that these sales could undermine confidence in the ecosystem, while supporters defend the Foundation's approach as an "active use of ETH."

Despite the bearish pressure from the Foundation's sales, institutional appetite for Ethereum has increased. Ethereum rebounded from the $2200 level to $2500, with record institutional inflows and whale accumulation driving renewed optimism for further gains. Institutions have reinforced this trend, purchasing significant amounts of ETH and expanding the number of institutional addresses. This accumulation wave suggests robust confidence in Ethereum's medium-term growth potential, with historical analyses confirming that such waves often precede prolonged uptrends.

Technical analysis indicates that Ethereum is at a critical juncture. The 200-period exponential moving average (EMA 200), positioned just above $2,270, has historically acted as a fundamental barrier during corrections. The oscillator RSI, around the neutral value of 50, suggests that Ethereum is at a "breaking point." A breakout above $2,800 could trigger a run towards $4,000 and potentially up to $7,300. However, a downward break of the supports between $2,200 and $2,800 could risk triggering a deeper correction, with the 200 EMA as the last line of defense for the bull structure.

The Ethereum Foundation has introduced a budget policy with an operational horizon of 2.5 years and a 15% cap on annual expenses, along with transparent reporting and quarterly performance reports. This move towards greater accountability is a positive signal for the community. The Foundation has also allocated over 120 million dollars on main DeFi protocols and activated a loan of 2 million dollars in stablecoin GHO. These strategic moves highlight the Foundation's commitment to the DeFi ecosystem and its efforts to balance liquidity needs without resorting to public sales.

The current market configuration reflects a tension between the funding needs of the Ethereum Foundation and the accumulating drive of whales and institutional entities. The near future of Ethereum will depend on the holding of crucial technical levels and the Foundation’s ability to innovate on the financial side, without compromising the community’s trust. It is therefore crucial to monitor the indicators and carefully evaluate the next movements: Ethereum is facing a fork, between a potential collapse and the concrete possibility of a new bull run. For investors and observers, it is time to refine strategies and closely follow every signal: at stake is the positioning within one of the most vital and visionary blockchain ecosystems in the global financial landscape.