Ethereum’s on-chain data reveals that whales have been offloading their holdings continuously for the past six months, a pattern that could signal trouble for the cryptocurrency. Despite some short-lived stability, this persistent selling pressure suggests that large investors have been losing confidence, keeping ETH under pressure.
The Accumulation Trend Score, an indicator, shows that Ethereum holders are not accumulating. This metric, which factors in changes in wallet balances and the size of the entities, currently hovers near zero—signifying widespread distribution across the network. A high score, closer to one, would suggest strong buying activity, but for the past year, Ethereum has shown mostly red on this indicator.
The Accumulation Trend Score is also broken down by the size of the investors’ holdings, ranging from smaller holders to large-scale entities like “sharks,” “whales,” and “mega whales.” These groups are defined by their ETH balances, and the data indicates that all cohorts have been offloading ETH since the start of the year. The largest entities, the mega whales, are especially influential, and their sustained selling could weaken market sentiment even further.
This trend began right after Bitcoin’s last all-time high. During that period, ETH holders quickly switched from accumulation to distribution, and despite some cooling off, the pressure has persisted. As a result, Ethereum has struggled to maintain a steady uptrend, and until these large investors start accumulating again, a significant price recovery seems unlikely.
In summary, Ethereum whales and other major holders are still in distribution mode, making it difficult for ETH to gain upward momentum. As long as these key market players continue to reduce their holdings, Ethereum’s outlook may remain bearish. For now, the focus remains on whether these large investors will shift back into accumulation, which could be a sign of renewed confidence in the asset’s future potential.
