TLDR:
Over 240,000 ETH worth approximately $480M has been accumulated by whales since early March 2025.
BlackRock’s ETHB ETF on Nasdaq lets institutions earn yield by staking 70–95% of their ETH holdings.
Rising Ethereum active addresses during a price decline mirror historical accumulation patterns seen since 2022.
Shrinking ETH exchange supply combined with whale buying could trigger a supply squeeze in the coming weeks.
ETH whale accumulation has reached unprecedented levels as BlackRock’s iShares Staked Ethereum Trust ETF begins trading on Nasdaq.
Over 240,000 ETH, worth approximately $480 million, has been stacked since early March. The price of ETH remains range-bound between $1,900 and $2,150.
Network activity data also points to growing bullish momentum. Active addresses on the Ethereum network have risen sharply.
This signals that accumulation is actively driving on-chain engagement amid the current price stagnation.
Whales and Institutions Drive ETH Demand
Crypto analyst CryptosRus flagged the trend on social media, noting that whales are stacking ETH at a remarkable rate.
The accumulation of over 240,000 ETH since early March has drawn broad market attention. Despite this sustained buying pressure, the ETH price has not yet broken out of its current range.
BlackRock’s iShares Staked Ethereum Trust ETF now trades under the ticker ETHB on Nasdaq. This product has introduced a fresh layer of institutional demand into the ETH market.
The ETF allows institutions to gain direct exposure to ETH while staking between 70% and 95% of holdings for yield. It gives institutional participants both price exposure and a passive income stream at once.
In the early days of trading, approximately $2.2 million flowed into the ETF. While that figure remains modest, the product’s structure could attract larger capital allocations over time.
The yield component makes this product more attractive than a standard spot ETF. Institutional participation in new instruments like this typically accelerates after an initial quiet period.
Shrinking exchange supply is another factor that warrants close attention. As more ETH moves off exchanges into staking or cold storage, available selling pressure decreases.
Combined with ongoing whale activity, this dynamic could produce a supply squeeze if demand continues to build at its current pace.
On-Chain Data Supports the Accumulation Thesis
Crypto analyst CW8900 noted that active Ethereum addresses have risen sharply despite the recent price decline. This trend of rising network activity during a price dip has been consistently observed near Ethereum market bottoms since 2022. The data indicates that participants are using the low-price window to accumulate ETH.
Moreover, the analyst pointed out that activity increased most sharply immediately after the latest price decline. This timing closely mirrors behavior seen during prior Ethereum accumulation phases.
Source: Cryptoquant
It adds weight to the view that experienced market participants are actively positioning at current price levels.
The divergence between price action and network activity is a well-tracked indicator in on-chain analysis. When prices decline while active addresses rise, it often reflects growing engagement from new or returning market participants. This behavior has historically preceded broader market recoveries across past Ethereum market cycles.
That said, price confirmation has not yet arrived. ETH continues to trade within the established range, and no breakout has materialized.
Market participants are closely watching whether this accumulation trend will eventually translate into a sustained price move higher.
