 ▲ Ethereum (ETH) © |
As Ethereum stalled after encountering resistance at the $2,000 level, on-chain data revealed signals of “quiet accumulation,” with large-scale buying activity detected for the first time in years.
According to crypto media outlet Bitcoinist on February 21 (local time), Ethereum (ETH) recently attempted to break above the $2,000 mark but faced strong selling pressure and was pushed back toward the $1,900 range. Although the short-term rebound was invalidated, analysts noted that on-chain data shows a rare and strong accumulation phase not seen in years.
Crypto analyst Batman diagnosed that ETH has entered its most powerful accumulation stage in recent years. Despite the ongoing downtrend in price, long-term participants are reportedly expanding their positions rather than exiting amid market uncertainty. Such steady capital inflows during bearish conditions are interpreted as potentially laying the groundwork for a short-term structural rebound.
Specifically, approximately $490.9 million flowed into newly created wallets over the past 24 hours, 2.4 times higher than average levels. Whale wallet inflows surged to $39.2 million, a 30.7-fold increase compared to the average, while top profit-and-loss (PnL) wallets recorded $46.9 million in inflows, up 12.2 times from the norm. Meanwhile, exchange wallets saw a net outflow of $56.9 million, signaling easing selling pressure. Analysts describe this simultaneous whale accumulation and exchange outflow as a typical accumulation pattern.
Large investors’ net purchases of Ethereum are reportedly surpassing those of Bitcoin (BTC). CW, a verified analyst at CryptoQuant, stated that whales are aggressively accumulating ETH despite market volatility, with a particular focus on positioning in the futures market. This is interpreted as a strategic move to preemptively position for potential catalysts.
ETH is currently trading at $1,957, down more than 1% over the past 24 hours. Trading volume also declined by over 11% during the same period, indicating weakened short-term momentum. However, despite the price correction, the intensity of accumulation appears to be strengthening, leaving the market to search for its next direction amid conflicting signals of falling prices and rising conviction.
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