Ethereum closed June with historical records in accumulation and staking, while the price of its native cryptocurrency, Ethher (ETH), remained without great movements. During the sixth month of the year, around 22.7 million ETH remained in what Cryptoquant qualifies as “accumulation wallets”, promoting a bullish expectation for the price of that cryptocurrency.
The growth in the accumulation was remarkable. On June 1, these directions added 16.7 million ETH. But at the end of the month, the figure grew by 6 million coins, which represents a 35.9% increase in just 30 days.
In the following graph you can see the increase in the balance of ETH in wallets of accumulation over the years:
The accumulation addresses meet strict criteria: they do not belong to centralized exchanges, they do not present significant ETH exits and are usually associated with institutional actors or long -term holders.
Carmelo Alemán, analyst at Cryptoquant, pointed out that Data is a “clear sign of strategic accumulation” On the part of great market players, such as traded funds (ETF), financial institutions and whales. He says ETH has put himself in “plane mode” and could be ready to take off.
German explained That the average acquisition price for these addresses, known as the price made, was at USD 2,114.70 to July 1. With Ether quoting USD 2,565 on July 2, these entities recorded an unrealized gain of 21.29%, as seen below:
This indicates that, despite the lack of an explosion in the price, Those who accumulate ETH are doing it in a profitable and planned way.
In parallel, the Ethereum ecosystem also marked a new maximum in Staking. During June, the amount of ETH in Staking went from 34.5 million ETH to 35.5 million units, which represents an average increase of 980,398 ethequivalent to 2.83% monthly, as seen in the following graph:
For July 1, the Staking reached another historical maximum with 35.56 million ETH blocked. According to German, this trend suggests that many of the great accumulators choose to obtain passive performance through protocols such as Lido and Binance Eth Staking, while waiting for a significant appreciation of the price.
The accumulation of eth began
The phenomenon of institutional accumulation is not new, but reached a key point in June. Cryptonotics reported at the end of June that 1.2 million ETH are now in the hands of institutions, confirming an increasing adoption by the traditional financial sector.
To this movement are added the ETF of ETH, which already exceed 3.9 million ETH in custody. Blackrock leads with 1.6 million units, followed by Grayscale with 1.1 million and Fidelity with more than 460,000 ETH, according to recent Dune Analytics data.
In the following graph you can see the amount of ETH in the hands of ETF emitters in the United States:
The divergence between the foundations and the price has caught the attention of the analysts. During the June consolidation phase, Cryptoquant highlighted an important buying pressure by long -term investors, with signs that anticipate a possible change in trend. “Something big is coming,” said the report collected by cryptootics, that suggests that the market is preparing a relevant upward movement.
The behavior of accumulation addresses reinforces this idea. These wallets They do not perform output transfers and receive ETH in a sustained waywhich makes them reliable indicators of the feeling of the great actors. In June, they not only grew in quantity of ETH, but also in number, marking the largest monthly increase recorded to date.
As can be seen in the following graph, the on-chain context points to latent pressure that could manifest in the short or medium term and, as a result, ETH would come out of its extensive lateralization. The fact that these accumulators are already in benefits reinforces their position and reduces the probabilities of mass sales, at least in the short term.
In this environment, the price of ETH seems delayed compared to the fundamentals. However, German warned that “the price has not yet reacted, but the data shows that a rupture scenario is brewing,” because for him, “on-chain data is surprising.”
