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On-chain data shows large $ETH holders accumulating during the recent price dip, but the buying is not broad-based: institutional participants and U.S.-based demand remain notably absent, according to analysis published by FXStreet.
The divergence between whale activity and wider market participation leaves the recovery on uncertain footing.
Whales Move While the Crowd Waits Large wallet holders — commonly tracked as whales — have been adding to Ethereum positions during the pullback, a pattern that often signals conviction among the most capitalized corners of the market.
But accumulation by a thin cohort of large addresses is a different signal from broad inflows.
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