Analyst: Record-Breaking Ethereum On-Chain Data May Signal Upcoming ETH Price Rally
BlockBeats News, July 3rd, analyst Carmelo Alemán quoted CryptoQuant data indicating that strictly filtered whale addresses (excluding exchange addresses and with historical outflow close to zero) saw their holdings of Ethereum surpass 22.7465 million ETH on June 30th, a sharp 35.97% increase from 16.7281 million ETH at the beginning of the month. These addresses saw a net inflow of 6.0184 million ETH during the month, setting a record for the highest monthly accumulation. As of July 1st, the average cost basis for these addresses was $2114.70, resulting in a realized 21.29% unrealized gain based on the current price of $2565.
In addition, Ethereum's liquidity staking amount in June increased from 34.546 million ETH to 35.526 million ETH, with a net increase of nearly a million ETH in a single month (a 2.83% increase). On July 1st, it hit a new all-time high of 35.564 million ETH. The analysis pointed out that whale addresses mainly belong to institutional investors, ETF funds, and large holders, some of whom earn rewards through top protocols like Lido and Binance staking while waiting for a price breakout.
Carmelo Alemán explained that although the current ETH price has not broken through, the record accumulation and locking behavior by institutions suggest that the market may be preparing for a significant price rally. The divergence between on-chain data and price trends may be forming a "spring effect"—the longer the compression, the stronger the rebound.
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