Ethereum supply shrinks as whales accumulate – Will price follow?

ambcryptoPublished on 2025-09-19Last updated on 2025-09-20

Key takeaways

What’s happening with Ethereum’s supply?

Accumulating addresses have doubled their ETH holdings since June.

Why is Grayscale’s ETH move important?

If Grayscale begins staking, it would mark the first U.S. Ethereum ETF to actively participate in the network.

Ethereum’s [ETH] supply dynamics are changing.

Since June 2025, the amount of ETH held by accumulating addresses has doubled! Now, with rumors that Grayscale may begin staking part of its massive 1.5 million ETH holdings, we’re all watching closely.

Accumulation doubles in four months!

Data shows that addresses identified as “accumulating” have increased their holdings from about 13 million ETH to nearly 28 million ETH in less than four months.

For years, growth in these balances was steady but gradual… until now.

ethereumethereum

Source: CryptoQuant

This is a sign of aggressive buying from large investors who are likely positioning for the long term. This rapid build-up reduces the amount of ETH available on the open market.

With fewer tokens in circulation, supply-side pressure could play a bigger role in shaping price movements going forward.

Grayscale steps toward staking

Grayscale has reportedly moved more than 40,000 ETH recently, and may soon begin staking part of its massive 1.5 million ETH holdings.

If confirmed, this would be the first time a U.S. listed Ethereum ETF engages in staking to earn network rewards.

ethereumethereum

Source: X

This would be a new level of institutional involvement in Ethereum, as ETFs look beyond passive exposure to actively participate in the network.

It would also tighten supply further, with a large portion of ETH locked up for staking rather than circulating in the open market.

Momentum slows, ETH struggles

Ethereum’s price action seems to be cooling off after a strong rally.

The daily chart revealed that ETH had slipped to around $4,524 at press time, down by 1.41% on the day. RSI indicated buying pressure had weakened and momentum was neutral.

Meanwhile, the MACD lines remained closely aligned, showing a lack of strong directional bias.

ethereumethereum

Source: TradingView

Despite earlier gains, sellers appear to have stepped in, curbing upward momentum. Unless renewed buying activity emerges, ETH risks consolidating in the near term rather than extending its rally.

Next: Can XRP’s record reserves at Upbit drive a price surge past $3.38?
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