Record-Breaking ETH HODLing by Institutions Signals Potential Major Price Breakout

On July 3rd, analyst Carmelo Alemán highlighted data from CryptoQuant revealing that rigorously filtered HODLing addresses—excluding exchange wallets with minimal outflows—accumulated over 22.7465 million ETH by June 30th. This marks a substantial 35.97% increase from 16.7281 million ETH at the start of June. These entities acquired a net total of 6.0184 million ETH during the month, establishing a new monthly record for accumulation. As of July 1st, the average acquisition cost stood at $2,114.70, with the current ETH price of $2,565 reflecting a 21.29% unrealized gain.

Furthermore, ETH liquidity staking volumes rose from 34.546 million ETH to 35.526 million ETH in June, representing a near 1 million ETH increase or a 2.83% growth. On July 1st, staking volumes reached an all-time high of 35.564 million ETH. Market analysts attribute this trend primarily to institutional investors, ETF funds, and large holders leveraging protocols such as Lido and Binance staking to generate returns while anticipating potential price appreciation.

Carmelo Alemán emphasized that despite ETH’s price not yet breaking out, the persistent record accumulation and staking by institutional players indicate a possible forthcoming upward momentum. The divergence between on-chain metrics and price action suggests a “spring effect”, where prolonged consolidation could lead to a more robust rebound in the crypto market.

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