While the media spotlights remain fixed on the Bitcoin ETF and the variations in Solana, a silent, but massive concentration takes place on Ethereum. The portfolios holding more than 10,000 ETH, the famous mega-beshadles, increase their positions at an unequaled rate since 2022. Not very visible, this renewed accumulation evokes the beginnings of a bull cycle.
In short
- Portfolios having more than 10,000 ETH have increased their assets by 9.31 % since October 2024.
- This accumulation far exceeds that observed before the rally of +95 % Ethereum in 2022.
- Historical data show that this type of behavior often precedes significant market increases.
- If the technical signals and the chain line up, a new bullish cycle could start faster than expected.
Mega-beaines in action: a more intense accumulation than than 2022
While Vitalik Buterin is preparing a new secret plan to save the soul from Ethereum, the portfolios that hold at least 10,000 ETH have seen their assets climb 9.31 % between October 2024 and July 2025, going from 37.56 million ETH to 41.06 million ETH, according to Glassnode data.
This progression represents a stronger accumulation than that observed before the 2022 rally. By way of comparison, between May and September 2022, just before the ETH climbed almost 95 %, the increase in these portfolios was much less marked. The figures speak for themselves:
- +9.31 % ETH accumulated in nine months by “mega-beaine”, against +4 % to +5 % before the 2022 rally;
- A return to 41.06 million Eths detained, never reached since 2020;
- An accumulation which takes place in silence, without strong volatility of the current course (~ $ 2,600);
- A strategy that recalls that of the end of 2020, when the ETH increased from $ 460 to $ 1,220.
Difficult, therefore, not to see a coordinated maneuver of experienced actors. Market history shows that these crypto accumulation phases by large entities often precede notable bruising movements. This behavior remains for the moment largely invisible to the general public, but it represents a strong signal for professional analysts and investors.
A bullish technical signal forms: towards an explosion of prices?
Beyond the accumulation observed thanks to the on-chain data, the current graphic analysis of Ethereum brings out a classic technical signal: a Bull Pennant. This consolidation figure, often interpreted as a break in an upward trend, could lead to an upward break around $ 3,400 by August if it is crossed up.
More ambitious projections even count on a target of $ 5,000 by the end of the year, provided that the global context does not deteriorate.
In addition, the other important element is the distribution of the acquisition costs of the Ethereum crypto by investors. Glassnode indicates that more than 3.45 million ETH were acquired in the range 2,500–2,536 $, which creates a solid support area.
This purchase density on such a specific price shows that many long -term investors have consolidated their position around this level. Combined with the entry of capital into ETH -oriented investment funds, in particular ETFs, this strengthens the thesis of a stable base before a possible bull restart.
These convergent elements make up an optimistic, but cautious table. If the recent history of Ethereum is repeated, the market could be experiencing a preparation phase for a new bullish cycle. However, any projection remains subject to the structural volatility of the crypto market and exogenous macroeconomic factors.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
