As whales accumulate, Ethereum supply decreases—will prices fall with it?

The supply dynamics of Ethereum are changing. Since June 2025, the cumulative ETH position in the address has doubled to nearly 28 million, indicating that large investors are actively laying out long-term positions. Grayscale is reportedly preparing to pledge part of its 1.5 million ETH, which will mark the first Ethereum ETF in the United States to actively participate in network staking, further tightening supply. Meanwhile, ETH price fell to $4,524, with momentum weakening and RSI neutral, suggesting that there may be consolidation in the near future.