Mega-Whales Accumulate 9.31% More Ethereum Since October 2024

While the media's attention remains focused on Bitcoin ETFs and Solana's fluctuations, a significant and quiet accumulation of Ethereum (ETH) is underway. Wallets holding more than 10,000 ETH, known as mega-whales, have been increasing their positions at an unprecedented pace since 2022. This renewed accumulation suggests the potential beginning of a bullish cycle.

According to the data, wallets holding more than 10,000 ETH have increased their holdings by 9.31% since October 2024. This accumulation far exceeds that observed before Ethereum’s +95% rally in 2022. Historical data shows that this type of behavior often precedes significant market rises. If technical and on-chain signals align, a new bullish cycle could start faster than expected.

Between October 2024 and July 2025, wallets holding at least 10,000 ETH saw their holdings climb from 37.56 million ETH to 41.06 million ETH. 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. This accumulation is happening silently, without strong volatility of the current price (~$2,600).

This behavior is 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.

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. More than 3.45 million ETH have been acquired in the $2,500–$2,536 range, creating a solid support zone. 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 exogenous macroeconomic factors. In the current volatile crypto market, many investors have shifted their focus from chasing short-term fluctuations to seeking more controllable investment strategies. This shift is evident in the quiet accumulation of Ethereum (ETH) by large investors, commonly referred to as "mega-whales." These investors are strategically building their ETH holdings, a move that suggests a bullish outlook on the cryptocurrency's future.

The accumulation of ETH by mega-whales is a significant development in the crypto market. These investors, known for their substantial holdings and market influence, are quietly increasing their ETH positions. This trend indicates a growing confidence in Ethereum's long-term potential, despite the market's volatility. The accumulation is not a sudden spike but a steady and deliberate strategy, reflecting a calculated approach to investing in ETH.

The quiet accumulation of ETH by mega-whales is a strategic move that could have significant implications for the crypto market. As these large investors continue to build their ETH holdings, it could lead to a supply squeeze, driving up the price of ETH. This trend is reminiscent of the 2002 rally, where a similar accumulation strategy by large investors led to a significant price increase. The current accumulation of ETH by mega-whales suggests that they are positioning themselves for a potential breakout, with some analysts predicting a target price of $3,400 for ETH.

The accumulation of ETH by mega-whales is not just about increasing their holdings but also about signaling their confidence in Ethereum's future. As these large investors continue to build their ETH positions, it could attract more investors to the cryptocurrency, further driving up its price. This trend is a positive sign for the crypto market, indicating that despite the volatility, there is still significant interest and confidence in Ethereum's long-term potential.