Ethereum Whale Accumulation Surges 35.97% in June

On June 30th, the holdings of Ethereum by strictly filtered whale addresses, excluding exchange addresses and with historical outflow close to zero, surpassed 22.7465 million ETH. This marked a significant 35.97% increase from the 16.7281 million ETH held at the beginning of the month. The net inflow of 6.0184 million ETH during the month set a record for the highest monthly accumulation by these addresses. As of July 1st, the average cost basis for these addresses was $2114.70, resulting in a realized 21.29% unrealized gain based on the current price of $2565.

In addition to the accumulation by whale addresses, Ethereum's liquidity staking amount in June increased from 34.546 million ETH to 35.526 million ETH, with a net increase of nearly a million ETH in a single month, representing a 2.83% increase. On July 1st, it hit a new all-time high of 35.564 million ETH. These whale addresses are primarily institutional investors, ETF funds, and large holders, some of whom earn rewards through top protocols like Lido and Binance staking while waiting for a price breakout.

Analyst Carmelo Alemán explained that although the current ETH price has not broken through, the record accumulation and locking behavior by institutions suggest that the market may be preparing for a significant price rally. The divergence between on-chain data and price trends may be forming a "spring effect"—the longer the compression, the stronger the rebound. This analysis indicates that the market sentiment is bullish, with institutional investors and large holders accumulating Ethereum in anticipation of a price increase.