Ethereum Accumulation Surges: Holders Lower Cost Basis Ahead of Potential Rally
Ethereum investors appear to be doubling down on their conviction, as shown in a recent update from CryptoQuant.
According to new data, long-term ETH holders are refusing to sell—instead, they’re actively accumulating more, effectively lowering their average cost basis and signaling strong bullish sentiment.
Key Data Highlights
- Accumulating Addresses: On March 10, 2025, Ethereum accumulating addresses held 15.5356 million ETH.
- By May 3, that figure surged to 19.0378 million ETH—a 22.54% increase in just under two months.
This behavior reflects what the data describes as “structural conviction & clear expectations of short-term appreciation.”
What the Charts Show
The four CryptoQuant charts included in the tweet provide valuable insights:
- Top Left (ETH Realized Price by Accumulating Addresses): The blue line (representing realized price) remains steadily below the market price, showing that these addresses have improved their cost basis while ETH price rises.
- Top Right: A closer view reaffirms this trend over a shorter timeframe, emphasizing accumulation since early March.
- Bottom Left & Right: These plots illustrate the growing ETH balance on accumulating addresses, consistently trending upward, indicating net buying behavior rather than selling pressure.
Implications for the Market
This behavior from accumulating addresses—wallets with a pattern of steady inflows and no history of selling—suggests growing investor confidence. It’s a classic signal of “smart money” positioning ahead of a move. By lowering their average acquisition cost, these investors are preparing to maximize gains if ETH appreciates in the near term.
With over 19 million ETH now concentrated in these strong hands, the supply on exchanges remains tight, potentially contributing to positive price pressure as demand picks up.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
