Wallets holding between 1,000 and 100,000 ETH have added 1.49 million ETH over the past month, increasing their share to nearly 27% of Ethereum's circulating supply.
6,392 large wallets, known as whales and sharks, are accumulating ETH, contrasting retail investors who have been selling during price volatility.
Historically, periods where large wallets accumulate while retail investors sell have signaled significant market reversals or upward price momentum.
The divergence in behavior indicates growing confidence among seasoned players, despite cautious general sentiment in the market.
Accumulation by major investors could suggest an expectation for Ethereum's strength to increase, supported by improving fundamentals and evolving ETF narratives.
Previous cycles have shown that such accumulation by whales can be an early sign of broader market recoveries.