Recently, the Ethereum market has seen a striking phenomenon: large-scale holders are quietly increasing their holdings. On-chain data shows that wallet addresses holding between 1,000 and 10,000 ETH have added over 810,000 ETH in just four months, worth approximately $2.5 billion, nearly doubling their holdings. Such a scale of accumulation hasn't been seen since the bottom of the bear market in 2018.

What is more noteworthy is that the number of giant wallet addresses holding over 10,000 ETH is also on the rise, currently reaching about 1,200, setting a new high since the bull market of 2021. This trend seems to suggest that long-term investors and institutions are preparing for a potential market upturn.

At the same time, the ETH reserves in the exchange have dropped to a multi-year low, resulting in a so-called 'supply shock'. This means that the amount of ETH available in the market is decreasing while demand is rising, and this supply-demand imbalance could lead to a rapid increase in price. This situation is very similar to the market environment in 2018, when the price of ETH soared from $80 to $4,800 after whales accumulated large amounts.

There is an additional positive factor in the current market: Ethereum ETFs have attracted over $1 billion in net inflows, indicating that institutional funds are accelerating their entry into the market. Combined with factors such as whale accumulation, supply tightening, and improvements in fundamentals, ETH seems to have entered a stage of building momentum.

Currently, the price of ETH is fluctuating around $4,400, only about 9% away from its all-time high. Some analysts even predict that if the market trend repeats the pattern of 2018, ETH could not only break through $10,000 but may even reach a range of $15,000 to $25,000.

The actions of Ethereum whales and institutional investors seem to be paving the way for the next potential large-scale market movement. However, investors should approach these predictions with caution and recognize the high-risk nature of the cryptocurrency market. The actual direction of the market remains uncertain, and it is necessary to continue closely monitoring the developments in various factors.