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Whales are buying the dip… but the market is still bleeding underneath.
Large wallets (>100K ETH) now control ~22% of supply — strongest accumulation in weeks.
Yet Realized Cap keeps sliding (-$15B since late 2025), showing capital is still exiting the system overall.
That’s the tension right now:
smart money accumulation vs macro outflows.
If weak demand persists, $ETH may still drift toward the $1.8K region before finding real footing again.