Ethereum Whales Are Stacking More ETH Despite Price Decline

Ethereum’s (ETH) price is currently experiencing a period of pronounced correction, with 10% deflation in the last 24 hours. Despite the price drop, indicators suggest unwavering investor confidence, particularly among significant holders.

CryptoQuant data reveals a 24% increase in $ETH balances held by addresses possessing between 10,000 and 100,000 ETH over the past year. This accumulation, increasingly fueled by inflows from wallets holding less than 1,000 ETH, suggests a supply redistribution within the Ethereum ecosystem.

The cost basis for these accumulating addresses is $2,199, significantly below the current price of $2,505, indicating a profitable position for these whales.

CryptoQuant CEO Projects $ETH Uptrend

CryptoQuant CEO Ki Young Ju emphasizes that there was no significant sell-off pressure following the Bybit hack, a testament to the resilience of the Ethereum network and the confidence of its largest holders.

Ethereum’s continued dominance in the stablecoin market, commanding 56% of the total market capitalization, further highlighting its strength and widespread adoption.

Mr. Ju predicts increased adoption of ETH-based stablecoins and smart contracts in 2025, driven by the Trump administration’s easing of crypto regulations.

Furthermore, approving the ETH spot ETF adds another layer of positive regulatory momentum. Mr. Ju posits that this and the aforementioned factors could trigger a “Large Cap ETF altseason,” propelling ETH to substantial gains.

The upcoming Ethereum Pectra upgrade, currently undergoing testing on the Holesky testnet, promises further enhancements to the network’s functionality and efficiency.

Analysts $ETH Optimism

According to Arkham Intelligence, Bybit’s rapid response to its weekend hack included acquiring 100% of its Ethereum holdings within 48 hours and swiftly repaying a $100 million (40,000 ETH) loan to Bitget within three days. Despite recent market volatility, this decisive action highlights Bybit’s commitment to financial responsibility.

The broader crypto market correction has significantly impacted Ethereum, which experienced an 8% drop today, falling below $2,500. This marks a potential record-breaking February for ETH, already down over 23% this month, further exacerbated by the Bybit hack.

SpotOnChain data indicates that a fall below $2,400 would solidify February as Ethereum’s worst-performing month historically, breaking a bullish trend seen in all but one February since 2018.

At the time of writing, ETH is trading at $2,401, down 10.10%, with daily trading volume surging 30% to over $30 billion. Analyst Ali Martinez suggests that failure to hold the $2,600 support level could derail the anticipated altseason. Maintaining this support is crucial to prevent a breach of the upward-trending channel.