Whale behavior also reinforces that pattern. Wallets holding between 10,000 and 100,000 ETH accumulated about 7.6 million ETH since April, a rise of more than 50%. Smaller holders reduced exposure in the same period, which points to a shift from retail traders to institutional or professional investors. Analysts often see this divergence during the late stages of a compression phase before a major move.
In addition, network data shows that activity on Ethereum has slowed since October’s market-wide crash. Gas fees recently dropped to some of the lowest levels in years, helped by the Dencun upgrade in March 2024, which cut costs for layer-2 rollups. ETH fee revenue fell by 99% from peak bull-market levels, underscoring how much cheaper it has become to transact on the broader Ethereum ecosystem.
Market data and commentary now place Ethereum at a pivotal point. If long-term accumulation near $2,900 leads to renewed demand and higher on-chain activity, Lee’s supercycle call may gain credibility. If alternative platforms capture that activity instead, his projection of a Bitcoin-style 100x journey for ETH will face an even tougher test.