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- Accumulating wallets now hold nearly 28M ETH, doubling in four months.
- Grayscale may stake part of its 1.5M ETH holdings, tightening supply further.
- ETH price momentum has cooled, but reduced liquidity could set up the next rally.
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Ethereum’s [ETH] supply landscape is shifting rapidly. Since June 2025, accumulating wallets have more than doubled their holdings, while speculation mounts that Grayscale may stake part of its massive 1.5 million ETH reserve. Together, these forces are reshaping both supply dynamics and investor sentiment.
Accumulation Doubles in Four Months
On-chain data shows that wallets tagged as “accumulating” increased their holdings from roughly 13 million ETH to nearly 28 million ETH in under four months. This sudden jump marks a sharp departure from years of slow, steady growth. Large investors appear to be positioning for long-term exposure, steadily removing ETH from circulation.
The effect is simple: the more ETH locked away, the less supply available on exchanges. Reduced liquidity can amplify price swings and create upward pressure when demand returns.
Grayscale’s Staking Signal
Adding to the tightening supply story, Grayscale has recently shifted more than 40,000 ETH, sparking speculation it could begin staking a portion of its ETF holdings. With 1.5 million ETH under management, even partial staking would mark a significant milestone: the first U.S.-listed Ethereum ETF actively participating in network rewards.
Grayscale is allegedly preparing to stake their Ethereum.
— CryptoGoos (@crypto_goos) September 18, 2025
In the last hour, they moved over 40,000 ETH.
They hold 1.5 million ETH in total.
And now, they’re positioning for staking rewards.
If true, this makes them the first Ethereum ETF in U.S. markets to stake.
Big move.… pic.twitter.com/6fwemKYMqq
Such a move would not only validate Ethereum’s staking economy at an institutional level but also further constrain circulating supply, as staked tokens remain locked for network validation.
Price Momentum Cools
Despite the bullish supply-side developments, ETH’s price momentum has slowed. At press time, ETH traded near $4,524, down 1.41% on the day. Technical indicators show mixed signals: RSI reflects weaker buying pressure, while MACD lines remain closely aligned, signaling indecision.
For now, sellers appear to have tempered ETH’s rally. Without fresh demand, consolidation may dominate before any breakout toward higher levels.
Ethereum’s market is at a crossroads. Accumulation and potential institutional staking point to a tighter supply and growing long-term confidence. Yet in the short term, price momentum is fading. If buying pressure reignites, reduced liquidity could set the stage for Ethereum’s next major move.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Ethereum Faces Worst Q1 Since 2018 — Is a Bullish Reversal Coming Soon?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
