Institutional accumulation of Ethereum surpassed 103,000 coins worth over $194 million within 24 hours. The largest example, wallet 0x2d59, recently purchased 50,000 ETH worth $93.6 million around two hours ago and immediately transferred it to the staking contract. This purchase follows a similar action of 40,000 ETH worth $76.66 million a week earlier, bringing the wallet’s total spending to 90,000 ETH in just seven days.
This action did not occur in isolation. Bitmine, a business entity of Fundstrat analyst Tom Lee, was recorded purchasing 13,000 ETH, equivalent to $24.36 million, through custodian BitGo. This institutional inflow trend aligns with the performance of spot Ethereum ETF products in the United States, which attracted inflows of $244.9 million during the trading week ending August 7.
Two Divergent Directions
While Ethereum buyers are busy accumulating assets, one Bitcoin whale chose to take a step back. Wallet bc1qdj offloaded 1,274 BTC worth $81.5 million through three major institutional brokers: Cumberland, FalconX, and Galaxy Digital. Transferring balances to over-the-counter (OTC) services or off-exchange channels is how large entities cash out without directly exerting downward pressure on market prices.
Trapped Below Resistance
Despite the massive inflows, the price of Ethereum has yet to react. ETH’s price fell 2.6% to $1,870 on August 11 after facing rejection below the $1,950 level. This rejection led to the forced liquidation of traders holding long positions. On the technical side, ETH’s daily RSI indicator stands at 51.63. This neutral position indicates that selling pressure has not yet pushed the market into the oversold zone.
Currently, ETH’s price movement is trapped between two leverage boundaries. There is a concentration of trader positions at the $1,895 level, which could potentially trigger an upward price push, while the $1,940 level acts as strong resistance and the primary target to trigger a subsequent short squeeze.
Awaiting Inflation Numbers
The risk of holding large positions is evident from SharpLink’s financial report. As the second-largest corporate holder of Ethereum with 863,000 ETH worth $1.46 billion, the company recorded a net loss of $394 million in the second quarter of 2026. This decline in value was entirely driven by the 23% drop in ETH’s price during that period.
All of these on-chain capital movements culminate in one announcement: the release of the U.S. July CPI inflation report on August 12. With the market split between aggressive Ethereum accumulation and Bitcoin whale sell-offs, the future direction of the market awaits the clarity of these inflation figures.
Reported by @lookonchain on X.
Also read: How to Read Candlesticks for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
