Whales are still accumulating $ETH on dips, with 100K+ $ETH wallets now holding ~22% of supply (17.4M ETH) — a 10-week high.



But broader demand tells a different story.

Realized Cap has dropped from $310B to $295B since late 2025, signaling $15B in net capital outflows.

Even with whale bids, aggregate demand remains negative.

If this trend continues, $ETH could revisit the $1.8K zone, where historical MVRV bands suggest stronger support tends to form.
ETH-4.44%
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