Ethereum (ETH) is finishing December with dull price action as on-chain and institutional indicators suggest a further buildup by big investors. Although the momentum has slowed, data sources indicate continued buying by high-capital participants.
Large ETH Holders Increase Positions
On-chain data shows a rapid rise in ETH balances held by wallets controlling between 10,000 and 100,000 tokens. Combined holdings for this group rose from roughly 17–18 million coins to more than 21 million ETH within a short period. The speed of the increase stands out when compared with earlier market phases.
Crypto analyst Joseph Young noted that “whale accumulation of ETH is at an ALL-TIME HIGH.” The data suggests this accumulation is taking place outside of peak price conditions. This group of holders is typically linked to funds, long-term entities, and high-net-worth participants rather than short-term traders.
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whale accumulation of ETH is at an ALL-TIME HIGH.
conviction capital sees ethereum:
> securing 68.2% of all DeFi TVL
> DATs aggressively stacking ETH
> issuing 64.44% of all stablecoins
> institutions like JPM building directly on ethereumbelieve in ETH. pic.twitter.com/h99psHjHQR
— Joseph Young (@iamjosephyoung) December 24, 2025
Meanwhile, Ethereum continues to account for most on-chain financial activity. Conviction Capital data shows the network holds 68% of total DeFi value locked and issues over 64% of all stablecoins. Large financial firms, including JPMorgan, are also building infrastructure directly on Ethereum, adding to long-term usage of the network.
Recent disclosures point to growing institutional exposure to Ethereum. Tom Lee’s firm, Bitmine Immersion Technologies, added 98,852 ETH to its balance sheet over the past week. According to Maartunn, ETH purchases linked to Lee totaled approximately $953 million this month, exceeding the amount recorded in November.
ETH Supply on Exchanges Keeps Falling
CryptoQuant data shows Ethereum exchange reserves declined from about 20.8 million tokens to around 16.4 million over the past year. This reflects net outflows of roughly 4.4 million ETH from centralized trading platforms.
The reduction in exchange balances continued even during recent price pullbacks. This suggests ETH is being moved into self-custody, staking contracts, or long-term storage rather than prepared for immediate sale. When viewed alongside rising whale balances, the data points to steady supply absorption.
Price Holds Near Key Technical Levels
Ethereum is trading at about $2,940, with modest weekly gains and lower daily momentum. Analysts note that the price is approaching the 200-week exponential moving average, a level often watched during extended consolidations.
CryptoPulse stated that “a strong bounce from that level would help maintain the structure,” while a loss could open a move toward the $2,000–$2,100 range. Separately, CryptoWZRD also noted that holding above $3,060 could allow short-term upside, while $2,800 remains a key support zone.
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