Key on-chain metrics indicate that not all investors share the skepticism surrounding the cryptocurrency market and Ethereum. Data shows that large players continue to accumulate Ethereum despite recent price fluctuations. In just the last 24 hours, 13 new mega-whales—wallets holding over 10,000 ETH each—have joined the network. This signals strong confidence from wealthy investors and institutional players, who seem to view current prices as a favorable opportunity.
This significant accumulation activity suggests that major players are preparing for a potential breakout. While retail investors may be more cautious, the actions of these whales could indicate optimism regarding Ethereum's long-term prospects. As ETH stabilizes around $3200, the market will closely watch whether this accumulation trend leads to a new surge and further recovery in the coming weeks, which could be pivotal for the coin's trajectory in this market cycle.
Leading crypto analyst Ali Martinez shared this data on platform X, highlighting the active accumulation trend.