Ethereum Long-Term Holders Accumulate 10% More Amid Petra Upgrade

Ethereum (ETH) long-term holders (LTH) have entered an uncommon phase of accumulation, raising market expectations of an ETH price breakout soon. This trend is particularly notable during periods of price consolidation, such as the June period when ETH price remained range-bound between $2,476 and $2,681. Despite the price stagnation, long-term wallets showed an increase in inflow, suggesting a growing confidence in Ethereum’s future value. Analysts believe this phase of low-volatility buying could be a precursor to a significant ETH price movement.

Conversations across Ethereum-focused communities have connected this buying pressure to the Petra upgrade, which was completed earlier this year after several trials. The upgrade improved overall network performance and scalability, making many long-term investors more willing to increase their positions. This accumulation pattern rarely occurs and often precedes substantial market activity, reflecting a long-term bullish outlook by experienced holders.

Institutional interest in Ethereum is also gaining momentum. For example, Bit Digital recently ended Bitcoin mining to focus fully on Ethereum staking and treasury operations. Tom Lee, a well-known market strategist, has joined BitMine Immersion Technologies as chairman of the board. His arrival comes as the company launches a $250 million private placement with a clear goal: build a treasury focused on Ethereum rather than Bitcoin. BitMine’s move is being closely watched in the crypto sector, as the company plans to monitor ETH-per-share metrics, aligning its business model with Ethereum’s performance. This represents a shift from traditional Bitcoin-heavy strategies, highlighting the growing appeal of Ethereum’s utility, particularly in powering decentralized finance and stablecoins. Lee noted that Ethereum plays a foundational role in the stablecoin ecosystem, which is seeing increased adoption among financial institutions. Ethereum’s major role as the underlying technology gives it strategic importance. BitMine’s new approach and strategy intends to accumulate Ethereum not just as an asset, but as a way to gain leverage within the broader crypto economy.

With Ethereum’s next major upgrade, Fusaka, expected soon, market anticipation continues to grow. Reports indicated that this upgrade is set to bring further technical improvements to the network. Many traders and analysts are closely watching how the ETH price performs in the run-up to the implementation. Currently, this holds more weight as long-term holder activity remains unusually strong. The price of Ethereum remains confined for now, but current accumulation levels remain high. While the broader cryptocurrency market remains volatile, Ethereum’s internal signals are painting a different picture —one of quiet confidence and steady preparation.