While Ethereum (ETH) trades in a tight consolidation range near $2,460, new on-chain data suggests something quietly bullish may be underway. According to analysis from CryptoQuant, Ethereum has entered an active accumulation phase—led primarily by long-term holders (LTHs) who appear to be quietly stacking ETH.

Long-Term Holders Are Gaining Confidence Again

CryptoQuant’s latest findings point to a divergence: while retail interest has faded and price action remains subdued, accumulation from experienced investors has strengthened. Analyst Bobby, writing under a pseudonym, noted this behavior signals rising confidence.

“It looks like Ethereum holders are starting to believe a bit more—perhaps after the Pectra upgrade and a string of recent positive developments in the network’s evolution,” he said.

This shift in sentiment appears to be happening under the radar, as broader market attention remains focused on Bitcoin and regulatory news.

Why This Matters

Historically, periods of accumulation from long-term holders often precede upward momentum. These investors tend to buy during uncertainty and hold through volatility, acting as a stabilizing force in the market.

The divergence between price stagnation and rising accumulation is often an early signal that smart money is positioning ahead of potential catalysts.

Ethereum Staking at Record Highs

Adding to this narrative, ETH staking hit a new record in June 2025, with over 35 million ETH locked in validator contracts. That’s more than 28% of the entire supply, a significant reduction in circulating liquidity.

This combination—growing staking levels and increased accumulation—points to declining sell pressure and rising conviction among ETH holders.

Final Thoughts

Whether this marks the beginning of a larger bullish phase remains to be seen. However, the signals are aligning: reduced sell-side risk, long-term buying, and increasing validator participation could set the stage for a stronger Ethereum recovery—if macro conditions allow.

📌 This article does not constitute investment advice. Always do your own research before making financial decisions.