Ethereum Whales Add $1.3 Billion on ERC-8004 Hype — But One Metric Still Blocks a Rally

Ethereum has seen renewed interest following the introduction of ERC-8004, an AI-focused standard granting on-chain identity to autonomous agents. Despite this structural progress, which caused a minor 2.5% price bump, broader market sentiment remains deeply depressed, evidenced by positive sentiment scores being over 90% lower than during the Pectra upgrade launch. This difference is attributed to ERC-8004 being an application-layer standard whose benefits are not immediately visible to most users, unlike Pectra's protocol-level improvements.

However, on-chain data shows large holders, or whales, accumulated approximately 430,000 ETH, totaling about $1.3 billion, following the announcement, indicating deliberate long-term positioning. Technically, Ethereum avoided a bearish breakdown, forming a potential double-bottom pattern, provided it clears resistance at $3,160 and the critical neckline around $3,390–$3,400 to target $4,170.

Crucially, the Smart Money Index remains below its signal line, suggesting that historically well-timed capital is not yet confirming a rally. This divergence between whale accumulation and weak sentiment/smart money caution suggests that while positioning is bullish long-term, the necessary momentum for a significant price surge is currently absent.

(Source：BeInCrypto)