Ethereum whale accumulation intensifies, but weak Network Growth and a negative MVRV Z-score suggest limited upside.
ETH’s NVT Ratio spikes to 2044 as Large Holder Netflows drop, casting doubt on short-term sustainability.
Ethereum [ETH] whale accumulation intensified as institutions add millions in ETH despite weakening on-chain signals.
SharpLink Gaming added 1,989 ETH worth $4.82 million via an OTC deal just five hours ago. That pushed its total ETH holdings to 190,467 ETH, nearly $478 million, building on its earlier 188,478 ETH purchase.
Source: Lookonchain
Meanwhile, whale 0x1fc7, who staked 3,201 ETH a week ago, returned with another 1,888 ETH ($4.56M) buy, immediately deposited into the Beacon Chain.
Yet, ETH hovered around $2,428, showing no signs of reacting. Naturally, this disconnect between bold accumulation and price inertia raises bigger questions.
Is Ethereum’s sudden network surge already cooling off?
Ethereum’s Network Growth briefly soared past 250,000 new addresses before collapsing back to 24,800, per Santiment data.
This abnormal rise and crash may suggest speculative activity or short-term bot-driven bursts rather than sustained organic growth.
Having said that, sustained adoption needs consistency. If this decline sticks, ETH may find it harder to retain momentum at current levels, especially if the whales remain alone in their optimism.
Source: Santiment
Everyone’s underwater?!
Ethereum’s MVRV Z-score dipped to -0.18, showing that many holders are now underwater.
The shift could reduce profit-taking pressure and trigger a potential accumulation zone, as long-term investors tend to buy when MVRV falls into the negative territory.
This trend often aligns with market bottoms or at least short-term rebounds. Nevertheless, traders must wait for follow-through from other metrics before interpreting this signal as a green light.
Source: Santiment
Ethereum’s NVT explosion indicates THIS!
ETH’s NVT Ratio surged to 2044, its highest in recent months. That kind of spike typically screams imbalance, where network valuation far outpaces actual utility or transaction flow.
In fact, this usually precedes either corrections or long periods of sideways drift. Unless transaction volume catches up, even recent whale buys may hit resistance zones faster than expected.
Source: Santiment
Why is whale divergence widening?
Here’s the kicker: while a few whales made headlines, the broader cohort backed off.
According to IntoTheBlock, Large Holders’ Netflow plunged 43.92% over the past seven days. This implies more outflows than inflows across the board.
So, the broader picture? Most institutions aren’t buying—yet.
Source: IntoTheBlock
ETH faces a tug-of-war between bullish whale activity and weakening on-chain signals. While deep-pocketed buyers continue to add to their positions, metrics like NVT, network growth, and netflows suggest caution.
The future upside likely lies in whether this selective accumulation turns into a broader trend. If not, ETH may struggle to break out until fundamental activity improves.