In recent years, Ethereum has skyrocketed as well as prices. On the last day alone, the new wallet accumulated 40,591 ETH, or about $148 million. Over 466,253 ETH, or more than $1.07 billion, have taken seven new active wallets in the past two weeks alone. This enormous influx is part of a larger trend.
What’s even more interesting is the origin of this ETH. Transfers from institutional platforms such as Falconx Galaxy Digital and Kraken are revealed through on-chain data.
Falconx has sent 138,345 ETH ($505 million) to address 0x8EEA in the last five days. A total of 12,691 ETH ($448 million) was received by address 0x9684 from the same source. Combining 0x35FB and 0xD479 to extract more than 136,000 ETH from Kraken led to another blatant facility grade movement.
Address 0x3DF3 received 43,787 ETH ($160 million) from Galaxy Digital. Despite the fact that the purpose of these accumulations is still unknown, the pattern is more similar to long-term positioning than short-term speculation. Distribution across several addresses also increases the possibility of an OTC contract, private vault, or management solution.
Technically speaking, Ethereum’s charts support optimistic outlook. Before experiencing a slight decline, ETH spiked above $3,700 after surpassing the key resistance zone at around $3,200. The assets are still in the overheating zone, but RSI is still high, with price action forming a healthy integration rather than a breakdown.
Real Market’s beliefs support the current movement, as proven in large quantities. If this accumulation trend continues, Ethereum may be ready for a second spike, especially if there is a macro tailwind or ETF development. Accumulation on the chain will provide a floor of confidence for the time being. Instead of selling, Smart Money continues to buy it.
