Ethereum supply shrinks as whales accumulate – Will the price catch the trend?

Since June 2025, the amount of ETH held by accumulation wallets has surged, doubling in just a few months. Now, amid speculation that Grayscale may stake a portion of its massive 1.5 million ETH assets, the entire market is closely watching every fluctuation with special attention.

Accumulation doubled in just four months

Data shows that addresses classified as “Accumulation” have increased their held ETH from about 13 million to nearly 28 million in less than four months – an astonishing leap.

Source: CryptoQuantWhile the accumulation process has been slow and steady over the past few years, the recent surge clearly reflects a strong wave of net buying from large investors, possibly linked to long-term strategic calculations.

This massive accumulation move means that the circulating supply of ETH in the market is increasingly being reduced. As the available tokens gradually decrease, supply pressure may become a key factor shaping the price trajectory in the upcoming period.

Grayscale is getting closer to staking

According to the latest report, Grayscale has moved over 40,000 ETH and is likely to soon begin staking a portion of the massive 1.5 million ETH that they are holding.

If this information is confirmed, it will be the first time an Ethereum ETF fund listed in the US directly participates in staking to earn rewards from the network.

Source: This move not only demonstrates an important step forward in the level of engagement of organizations with Ethereum, but also indicates that the ETF fund is shifting from a role of “passive exposure” to becoming a part of the network's operational activities.

Notably, a large amount of ETH being put into staking will also contribute to tightening the circulating supply, creating additional downward pressure on the amount of ETH in the market.

The rally pauses, ETH faces difficulties

After a strong growth period, the price of Ethereum is showing signs of “cooling down”.

On the daily chart, ETH is currently trading around 4,524 USD, down 1.41% in the past 24 hours. The RSI indicator reflects weakening buying pressure, while overall momentum tends to become neutral.

Daily ETH/USDT chart | Source: TradingViewThe MACD line and the signal line of the MACD indicator are still close to each other, indicating that the market lacks a clear trend.

Although ETH had previously recorded an impressive uptrend, current selling pressure is emerging, hindering the upward momentum. If demand does not return soon, the second largest cryptocurrency in the market is likely to enter a sideways accumulation phase, rather than continuing to expand the upward wave.

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