According to ChainCatcher, analyst Carmelo Alemán cited CryptoQuant data indicating a strong accumulation trend in Ethereum on-chain data by June 2025. The total address holdings reached 22.7465M ETH, a 35.97% increase from the beginning of the month, with a monthly purchase volume reaching a historic high of 6.0184M ETH. At the same time, the Liquid Staking scale surpassed 35.56M ETH, also a historic high, with a monthly growth of 2.83%. Analysts suggest that this indicates institutional investors are entering the market on a large scale, paving the way for subsequent price increases.