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Ethereum has stayed under the radar as Bitcoin grabs headlines. But new data shows long?term holders have quietly built up a huge stash of ETH. This might set the stage for a big move when markets heat up.
According to on?chain trackers, close to 30 million ETH is now sitting in wallets that have never spent a single coin. These so?called accumulation addresses only take in Ethereum and dont send any out.
Thats an all?time high for this group of holders. Theyve piled in even though Ether is trading far below its peak. Many of these investors seem to believe a rally is coming.
$ETH on-chain activity is spiking.
The sleeping giant is about to wake up! pic.twitter.com/1Pq6L0g5hH
Crypto Rover (@rovercrc) June 28, 2025
The pace of ETH going into cold wallets has shot up sharply over the past few months. Its a bigger build?up than in past cycles. If history is any guide, that sort of move usually precedes a price surge.
Long?term holders often buy early and hold tight before a big run. This kind of confidence from big players can spark wider interest.
Based on reports, daily transactions on Ethereum just topped 1,500,000. Thats the most since early 2023. A rise in on?chain transfers often points to more users, more apps and more trading.
When people send coins or use smart contracts, they fuel network fees and show real demand. High activity can pull in more traders looking to catch the next wave.
ETH is trading near $2,460 and it hasnt cleared two key hurdles yet. The 50?day moving average sits just above price, as does the 200?day line. Those are tough barriers for any asset.
Momentum tools arent screaming buy yet, either. The RSI sits around 49 and the MACD has flattened out after a stretch of weak readings. On?balance volume is low, which means big buyers are still cautious.
Even with strong on?chain signs, price needs to break past $2,600 before bulls can charge ahead. If Ethereum can push through that level, the road to $3,000 would look clear.
Traders will watch for volume spikes and a steady move above those moving averages. If it fails, the big holders could be stuck on the sidelines, holding bags that lose value.
Featured image from Unsplash, chart from TradingView