ETH Whales Accumulate as Supply Tightens Near $3K

Ethereum (ETH) is seeing renewed accumulation from large whales, who added over $2 billion worth of ETH recently, even as the price remains compressed under $3,000. Major accumulators include the “66k ETH Borrow Whale” and Bitmine, with Bitmine now holding about 3.37% of the total ETH supply. Analysts note that these whales hold ETH near current market prices, meaning their unrealized profit is minimal, and they are increasing holdings rather than selling. Derivatives data supports a bullish outlook, as approximately 70% of global net positions on Binance are long, and the Estimated Leverage Ratio (ELR) hit a record high. Concurrently, on-chain supply dynamics show ETH exchange supply on Binance dropping to its lowest level since September 2024, indicating reduced selling availability. While ETH is technically compressed below $3,000 and the 200-EMA, the combination of tightening supply and elevated leverage suggests that any decisive move could lead to an upward expansion once lower liquidity levels around $2,600 are swept.

(Source：Cointelegraph)