Large Ethereum holders paused their buying activity last week but resumed accumulation as prices weakened. Wallets holding between 10,000 and 100,000 ETH scooped up 840,000 ETH since February 4. Their long-term accumulation trend remained intact despite the temporary pause.
In contrast, smaller investors shifted direction. Wallets holding between 100 ETH and 1,000 ETH, as well as those with 1,000 to 10,000 ETH, briefly accumulated early in the week. However, they returned to distribution as the week progressed.
This divergence between whale accumulation and retail selling added complexity to market signals. While large holders increased exposure, retail participants reduced holdings during the downturn.
As exchange reserves climbed and ETFs posted outflows, the data reflected broad caution. Can sustained whale accumulation offset persistent retail and institutional selling pressure?