Just spotted something interesting on chain - looks like a major whale has been quietly stacking ETH since mid-February. Over the past few months, this address accumulated 16,900 ETH in total, dropping around $35.67 million into it. Today alone they grabbed another 900 ETH worth about $2.13 million at current prices.

What caught my attention is the timing and consistency of these buys. The average entry price was around $2,110 per ETH, and with ETH trading at $2.32K now, they're already sitting on over $4.6 million in unrealized gains. That's the kind of accumulation pattern you usually see when someone's bullish on the longer term.

16,900 ETH is no joke - this whale clearly believes in something. Whether it's conviction on Ethereum fundamentals or anticipation of an upcoming catalyst, this level of sustained buying pressure from large holders is worth watching. The fact they're still accumulating tells me institutional players aren't done yet.