- Whales soaked up 871k ETH in one day, holdings now touch 14.3 million.
- Accumulation and staking combined removed huge ETH volumes from circulation, putting pressure on the liquid supply.
Ethereum saw a 3.7% decline in value over the past 24 hours, with its price settling at $2,555.77 on Tuesday. The drop came after the price was pushed back from $2,673, sparking a sell-off late Monday. Increased volatility and weakening momentum led to a break below early support, keeping the coin under pressure through most of the day.
In contrast to the declining price, larger investors appear to have treated the drop as a buying window. On June 12, wallets with 1,000 to 10,000 ETH added over 871,000 ETH—the highest single-day increase so far this year, according to Glassnode. This rise came as part of a wider pattern, with daily inflows above 800,000 ETH for several days in a row.
These addresses now hold more than 14.3 million ETH, accounting for around 27% of the total in circulation. This level of concentration hasn’t been recorded since 2017, a year that saw major changes across the crypto market.
Ethereum Addresses Without Selling History Reach New Highs
Alongside wallet accumulation, staking activity has also accelerated. CryptoQuant analyst OnChainSchool reported that over 500,000 ETH were staked in the first two weeks of June, pushing the total staked amount to a record 35 million ETH. This signals continued trust in Ethereum’s long-term prospects and further reduces the liquid supply in circulation.
Accumulation Addresses—those that have never sold—have also grown to an all-time high, now holding 22.8 million Ethereum. Combined with the staking figures, these numbers reflect a market dynamic where more ETH is being taken off exchanges and locked away, reducing available supply while reinforcing holding behavior.
Market watchers attribute this trend to several factors. ETF applications, new tools in the derivatives market, and strong sentiment in crypto communities have all helped push buying activity. The consistent interest from larger players is interpreted as a signal of institutional engagement.
Ethereum Stuck Below $2,600 With Downside Risk
Despite this, technical signals remain mixed. On the 2-hour chart, the Relative Strength Index (RSI) sits around 54, suggesting a neutral market position. Bollinger Bands show price consolidation between $2,522 and $2,671. Meanwhile, the MACD indicator has tipped slightly negative, implying some loss of bullish pressure.
Analyst Ted Pillows observed in a post that “$ETH compressing within local range. Losing the range will bring us to $2,214.” He warned that geopolitical risks, such as a Strait of Hormuz closure or U.S. war involvement, could speed up downside movement.
For the short term, Ethereum remains in a consolidation phase, with a clear need for a push above $2,600 to shift the momentum back in favor of buyers. While the broader market outlook is supported by strong holding and staking trends, price direction in the coming sessions may depend on external triggers and investor reaction to key resistance zones.
