Large Ethereum holders are changing positions as unrealized profits for wallets holding more than 100,000 ETH turn positive again.
Previously, these portfolios remained underwater during dips near $200 and then around $1,000, where the price formed clear cycle bottoms.
As losses decreased, accumulation gradually increased. Then, when the ratio rose above zero, the price began to stabilize and increase. Today, with Ethereum (ETH) trading at nearly $2,000, the whales have entered profit territory.
This change often marks a point of transition rather than a clear direction.
On the one hand, profitable positions support momentum as sentiment improves. On the other hand, rising profits can trigger a distribution, especially near resistance.
As this balance develops, price movements become increasingly dependent on the strength of demand. This implies a potential trend change while leaving room for volatility if selling pressure appears.
On-chain accumulation grows as Ethereum faces major overhead
Ethereum’s structure now reflects a balance between renewed accumulation and overhead-heavy supply.
The overall realized price stood at nearly $2,353, at the time of publication, which is a key cost basis. As the price approaches this $2,350-$2,400 zone, the market direction becomes more sensitive.
Meanwhile, more than 100,000 ETH wallets returned to profit, signaling better conviction among large holders. Previously, these cohorts remained on the defensive underwater. Now, their positioning supports upside potential.
However, exchange outflows exceeded 377,663 ETH, showing a shift of capital into long-term holdings. This balance implies that accumulation builds, while resistance always defines the pace of any recovery.
Supply expansion dampens Ethereum’s on-chain momentum
Ethereum’s supply dynamics show expansion rather than contraction, reshaping the typical accumulation narrative. The circulating supply stands at 121.55 million ETH, including 38.26 million staked, but issuance still exceeds structural offsets.
Every year, 1 million ETH is issued while only 16,000 ETH is burned, which corresponds to a growth of 0.82%.
Over the past week, supply increased by 18,996 ETH as new tokens passed the takedown mechanisms. This is important because increasing liquid supply reduces scarcity, which weakens price pressure during recovery attempts.
Meanwhile, daily active addresses fluctuate between 613,000 and 1.07 million, recently near 842,000, showing unstable participation.
While retail demand lacks consistency and whale flows remain subdued, no dominant force determines direction. This balance implies that Ethereum lacks momentum, leaving the price dependent on sustained demand to absorb the growing supply.
Final summary
- Ethereum (ETH) whale profitability turns positive, signaling a transition phase, where accumulation supports the upside while rising profits increase distribution risk near resistance.
- Ethereum faces growing supply and uneven demand, limiting momentum and making price recovery dependent on sustained capital inflows.
