• Whale wallets holding 10K ETH each grew fast in July and now stand at the highest level of the year.
• The price of ETH moved from below $1800 to $2500 while whale wallets rose steadily over several days.
• Analysts see this whale behavior as a strong sign that Ethereum could break above $3000 if buying stays strong.

Ethereum is witnessing an aggressive accumulation trend as the number of mega-whale addresses holding more than 10,000 ETH sharply increases. According to on-chain data from Glassnode, this surge began in mid-July 2025, marking a strong return of large-scale investor confidence in Ethereum’s long-term value. The price of ETH has reacted steadily, moving alongside the rising whale address count.

Mega Whales Add to Holdings as Address Count Rises

The chart provided by Glassnode shows a rapid increase in wallet addresses holding over 10,000 ETH. These mega-whale addresses had been declining or staying flat from early February to late June. However, by mid-July, accumulation accelerated and the count has now surpassed 1,100 active wallets, marking the highest level in months.

The 30-day change in mega-whale address count, represented by red and blue histogram bars, flipped significantly positive in July. The trend continued upward through August, reflecting consistent purchase activity from high-net-worth ETH holders. Previously, negative values had dominated between March and June, signaling distribution or exit by whales.

This accumulation behavior coincides with a modest recovery in ETH’s price from its sub-$1,800 range in early July to levels near $2,500. The simultaneous increase in both price and address count shows that these whales may be positioning for a potential bullish phase ahead.

Price and Whale Activity Show Strong Correlation

Throughout early 2025, Ethereum’s price and whale behavior showed tight correlation. During market drawdowns in March and early April, the mega-whale address count remained flat or dropped slightly, reflecting caution. The ETH price fell below $1,600 during that time, experiencing little support from major holders.

By contrast, since July 14, the relationship reversed. As accumulation increased, ETH’s price rebounded from its lows and gained momentum. The sharp upward slope in the 30-day address count confirms that large holders began adding to their positions during this recovery phase.

This behavior suggests confidence from Ethereum’s wealthiest participants, possibly anticipating new bullish catalysts such as ETF developments, L2 activity, or macro support. Although past patterns do not guarantee future performance, the timing of this accumulation mirrors previous bottoms.

It is important to note that whale activity often precedes broader retail interest. As such, analysts view this whale movement as a potential leading indicator of stronger market dynamics.

Could Whale Accumulation Push Ethereum Beyond $3,000?

With the mega-whale address count exceeding 1,100, Ethereum’s network is now reflecting one of its strongest large-holder signals of the year. Glassnode data identifies this phase as “aggressive accumulation,” pointing to deliberate and coordinated buying behavior.

The key question is whether this move will drive ETH above $3,000 in the coming weeks. Historically, whale accumulation at scale has preceded major price expansions. If the trend sustains and ETH remains above $2,500, investor confidence may grow, possibly fueling retail momentum.

The synchronized climb of both price and mega-whale addresses supports a bullish outlook. However, sustained gains may depend on Ethereum’s ability to hold support zones near $2,400 while maintaining this on-chain strength. Will the current accumulation phase lead to Ethereum’s next major breakout?