Foreign media reports that while Ethereum's price performance has been weak recently, large-scale holding addresses have not become more conservative. Statistics from on-chain data provider Santiment show that wallets holding at least 100,000 ETH have continued to increase their holdings, with related positions reaching a nine-week high.
Whale holdings rise to 17.41 million ETH.
The report, citing Santiment data, states that these large addresses now hold a total of 17.41 million ETH, representing 22.03% of the circulating supply of Ethereum. This change is seen as a noteworthy signal given the continued pressure on ETH in recent weeks and the market's increased focus on Bitcoin.
The article argues that similar changes in holdings have often occurred in the early stages of price corrections, especially when retail investors are cautious and short-term momentum is weak. Rather than reducing their positions during pullbacks, large holders seem to be increasing their exposure.
Institutional buyers have not yet withdrawn.
Aside from on-chain whales, institutional investors' willingness to allocate assets has not weakened significantly. The report mentions that Standard Chartered Bank reiterated its long-term bullish view on Ethereum this week, reiterating its long-term price target of $40,000. Their reasons include that the tokenization of real-world assets, DeFi activity, and network adoption growth are not yet fully reflected in current valuations.
Nasdaq-listed Bit Digital recently increased its holdings by 8,568 ETH, worth nearly $20 million according to the article. Following this purchase, the company's Ethereum holdings have exceeded 158,000 ETH. The article interprets this move as some institutions still viewing the price pullback as a buying opportunity rather than a signal of a deteriorating trend.
$1700 to $1800 becomes a key area
From a price structure perspective, ETH failed to regain the $2,500 to $2,700 range, thus its short-term trend remained under pressure. As the decline continued, the market is turning its attention to the $1,700 to $1,800 area, which has provided support multiple times in past corrections.
The article states that the current downward movement is more like a gradual approach to support rather than a rapid breach. If buying can sustain in this area, ETH may have a chance to retest $2600 and, once momentum recovers, further target the $3200 to $3400 range. If $1700 is breached, the recovery may be delayed further.
Overall, the core judgment of this commentary is that there is a divergence between short-term price weakness and continued large-scale capital inflows. Foreign media believe this divergence at least indicates that some long-term funds have not changed their medium- to long-term expectations for Ethereum due to the recent pullback.
