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Ethereum “whale” accumulation has reached unprecedented levels following the start of trading for BlackRock’s iShares Staked Ethereum Trust ETF on Nasdaq. More than 240,000 ETH—worth approximately $480 million—has been stacked since early March, while the ETH price remains range-bound between $1,900 and $2,150.
Crypto analyst CryptosRus highlighted the trend, pointing to whales stacking ETH at a rapid pace. Despite sustained accumulation, ETH has not yet broken out of its current trading range.
BlackRock’s iShares Staked Ethereum Trust ETF began trading on Nasdaq under the ticker ETHB. The product provides institutional exposure to ETH while staking between 70% and 95% of holdings to generate yield. This structure combines price exposure with a passive income component.
In the early days of trading, approximately $2.2 million flowed into the ETF. While that initial figure is modest, the ETF’s design could support larger allocations over time. The yield element also differentiates it from a standard spot ETF.
The article also notes that shrinking exchange supply could be a key factor to watch. As more ETH moves from exchanges into staking or cold storage, available selling pressure may decline. Combined with ongoing whale activity, this dynamic could contribute to a supply squeeze if demand continues at the current pace.
Crypto analyst CW8900 cited on-chain indicators showing active Ethereum addresses rising sharply even as ETH recently declined. The pattern—higher network activity during price dips—has been observed near Ethereum market bottoms since 2022.
The data suggests participants are using lower prices to accumulate ETH. CW8900 also said activity increased most sharply immediately after the latest price decline, aligning with timing seen in prior Ethereum accumulation phases.
Rising active addresses alongside weaker price action is presented as a divergence that often signals growing engagement from new or returning market participants. Historically, such behavior has preceded broader market recoveries in past Ethereum cycles.
However, the article emphasizes that price confirmation has not yet arrived. ETH continues to trade within the established $1,900 to $2,150 range, and no breakout has materialized. Market participants are therefore watching whether the accumulation trend will translate into a sustained move higher.
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