A set of big wallets bought about 600 million dollars of ETH in the past few days, while price charts and on-chain data flash green. Product managers and compliance staff care because the purchases tighten supply, shift liquidity and open the door for regulated funds.
Three forces now line up in the same direction: whales stack coins, the total supply shrinks and chart patterns break upward. Data from the chain as well as from analysts show that the largest wallets pull in daily sums that start near 600 million dollars and climb higher. Exchange balances dropped to 16.9 million ETH, the lowest level in years, reinforcing the notion of tightening circulating supply.
Since the network switched to proof-of-stake, the coin supply falls by 0.38 % each year. Dollar value locked in DeFi on Ethereum had jumped 26 % in thirty days and now tops 132 billion dollars. When big wallets hoard, fewer coins sit on order books, and fee burns destroy more supply—scarcity grows, amplifying the impact of incremental demand.
Chart watchers draw ascending triangles and bullish flags, shapes that often appear before sharp moves higher. Institutions look at ETH again because the next code bundle, Pectra, promises faster and cheaper transactions and because a spot ETF may win approval, both of which could broaden access and deepen liquidity over time.
Ethereum´s market future
At institutional adoption, if custody rules besides ETF approvals turn clear, funds gain room to allocate more assets under management. While for liquidity plus execution: thin exchange balances widen the gap between bid and ask on large orders, so trades take longer but also cost more.
Watch two events—the rollout of the Pectra upgrades and the next chapter in the spot-ETF debate. Both will decide whether institutions raise their Ethereum exposure before mid-2025.
