Ethereum whale accumulation has increased sharply, but weak network development and the MVRV Z score indicate limited upside potential.
The NVT ratio of ETH skyrocketed to 2.044 as the cash flow from large investors decreased, raising questions about short-term sustainability.
Ethereum [ETH] whales are accumulating strongly as investment firms continue to add millions of USD into ETH, despite weakening on-chain signals.
SharpLink Gaming recently added 1,989 ETH worth 4.82 million USD through an OTC transaction just 5 hours ago. This has raised their total ETH holdings to 190,467 ETH, equivalent to nearly 478 million USD, following a previous purchase of 188,478 ETH.
Similarly, the whale holding 0x1fc7, who staked 3,201 ETH last week, has returned and purchased an additional 1,888 ETH (4.56 million USD), immediately sending it to the Beacon Chain.
Meanwhile, ETH remains at around 2,428 USD, showing no signs of reaction. This indicates a disconnect between strong accumulation and price stability that raises larger questions.
Is Ethereum's network development cooling off?
Ethereum's network growth temporarily surpassed 250,000 new addresses but quickly dropped to 24,800, according to data from Santiment.
This spike and then sharp decline may indicate speculative activity or short-term growth driven by bots, rather than sustainable natural growth.
To achieve true adoption, consistency is needed. If this decline continues, ETH may struggle to maintain momentum at the current level, especially as only whales show optimism.
Source: Santiment
Is everyone suffering losses?
Ethereum's MVRV Z score has dropped to -0.18, indicating that many holders are losing money.
This shift could reduce profit-taking pressure and create a potential accumulation zone, as long-term investors often buy in when MVRV falls into negative territory.
This trend often accompanies market bottoms or at least short-term recoveries. However, traders need to wait for confirmation from other indicators before considering this signal a green light.
Source: Santiment
The strange rise of Ethereum's NVT ratio
The NVT ratio of ETH has surged to 2.044, the highest in recent months. This significant increase often signals an imbalance where network value far exceeds actual utility or transaction volume.
In fact, this is often a sign of correction or prolonged periods of low volatility. Unless transaction volume increases in a timely manner, even recent whale purchases may face pressure from resistance levels before they can rise.
Source: Santiment
Why is the divergence among whales widening?
Notably, while some whales attract attention, the rest are trending downwards.
According to data from IntoTheBlock, cash flow from large investors has decreased by 43.92% in the past week, showing more outflows than inflows.
The overall situation here is that most institutions have not participated in the market – at least not at this moment.
Source: IntoTheBlock
ETH is currently facing a struggle between active accumulation from whales and weak on-chain signals. While resource-rich investors continue to bolster positions, indicators like NVT, network development, and netflows show caution. Future price appreciation depends on whether this selective accumulation becomes a general trend. If not, ETH may struggle to overcome barriers until fundamental activity improves.
Source: https://tintucbitcoin.com/whale-ethereum-tich-luy-gia-eth-nghi-van/
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