Ethereum has recently dipped below the realized price of accumulation addresses, while simultaneously experiencing a notable increase in inflows to these wallets, according to data shared by the X user CW8900 and sourced from CryptoQuant.
The chart titled “ETH: Inflows into Accumulation Addresses” illustrates a period of minor inflows spanning years, followed by a significant uptick beginning in June 2025. This shift is characterized by more frequent and larger inflow spikes, particularly in late 2025 and early 2026. In contrast, the price of ETH peaked around late 2025 before entering a downward trend.
Another chart, “ETH: Realized Price for Accumulation Addresses,” compares the spot price of ETH with the realized price of the accumulation wallets. This realized price has shown a steady increase throughout 2024 and 2025, continuing its ascent into 2026. Currently, during this latest market selloff, ETH is trading below this realized price line, indicating that the market price is less than the average on-chain cost basis for this group of wallets.
The combination of these two charts reveals a contrasting scenario: while the price of ETH is declining, the activity of accumulation is on the rise. Inflows have accelerated as ETH dropped beneath the average price at which these wallets began accumulating. CW8900 noted that the current trading level is “below the price at which they began accumulating,” underscoring that the average cost for this accumulation cohort now exceeds the spot price.
Despite the lack of clarity regarding the identities of those controlling these addresses or the specific catalysts behind the inflow spikes, the data indicates a consistent pattern of net accumulation into wallets designated as accumulation addresses, even while ETH remains below their average purchase price.
In a related analysis, trader Trader Tardigrade highlighted a multi-year bullish pennant formation on Ethereum”s bi-monthly chart. This pattern suggests a prolonged period of consolidation, with the price consistently testing an upward support line while facing resistance at a horizontal band. Tardigrade argued the setup remains poised for a breakout, noting that the structure is characterized by repeated touches along both the support and resistance lines.
Overall, the analysis points to significant accumulation activity amidst falling prices, indicating a possible shift in market sentiment, as traders and investors may be positioning themselves for future gains despite current volatility.
