Ethereum’s supply dynamics are evolving. Since June 2025, the quantity of ETH in the hands of accumulating addresses has seen a remarkable doubling! Currently, there are swirling rumors that Grayscale might initiate staking on a portion of its substantial 1.5 million ETH holdings, and the crypto community is paying close attention. Recent data indicates that addresses classified as “accumulating” have ramped up their holdings from approximately 13 million ETH to almost 28 million ETH in under four months.
For years, the increase in these balances was consistent yet slow… until now. This indicates a strong trend of aggressive purchasing by major investors who are probably setting themselves up for the long haul. The swift accumulation diminishes the quantity of ETH accessible in the open market. As the number of tokens in circulation dwindles, supply-side dynamics may increasingly influence price fluctuations in the future. Grayscale has reportedly transferred over 40,000 ETH in recent days and could soon initiate staking on a portion of its substantial 1.5 million ETH reserves. If confirmed, this would mark the inaugural instance of a U.S. listed Ethereum ETF participating in staking to generate network rewards. This marks a significant escalation in institutional engagement with Ethereum, as ETFs aim to move past mere passive exposure to take an active role in the network. This move would further constrict supply, as a significant amount of ETH would be locked up for staking instead of being available in the open market. Momentum is waning as ETH faces challenges.
Ethereum’s price action appears to be stabilizing following a robust rally. The daily chart indicated that ETH had dipped to approximately $4,524 at press time, reflecting a decline of 1.41% for the day. RSI showed that buying pressure had diminished and momentum remained neutral. Meanwhile, the MACD lines stayed closely aligned, indicating a lack of strong directional bias. Despite earlier gains, it seems that sellers have entered the market, putting a halt to the upward momentum. Without a resurgence in buying activity, ETH faces the possibility of consolidating in the short term instead of continuing its upward momentum.