The post Ethereum whales hold tight: Can Pectra be ETH’s ticket to $2,000? appeared on BitcoinEthereumNews.com.

The Ethereum market is front-running like it’s already priced in alpha. Whether it fuels the next leg up or triggers a reset depends on whether the bid can absorb the unlock. Ethereum’s [ETH] Pectra upgrade is almost here, and the market’s moving like it knows something big is brewing. Whale wallets are quietly stacking, underwater holders are staying glued to their bags, and the estimated leverage ratio is creeping up. In short, classic signs of a shift toward risk-on behavior. However, is this a textbook accumulation phase or just a “hype cycle” with a short fuse? If HODLers start offloading once the price flips above their cost basis, we could see a liquidity squeeze. Either way, Pectra might just be the catalyst that decides it. Conviction capital underpins Ethereum’s risk-on rally Ethereum’s whale address count (1k – 10k ETH) has been defying price action since ETH broke $4,000 on the 7th of December. At that price, 4,643 whale addresses were in the game. Fast-forward to today, and even as ETH dips to $1,843, the whale count has surged to 4,953. What’s going on? Source: Glassnode These whales are holding their ground, sitting on unrealized losses, waiting for ETH’s spot price to flip their cost basis. CryptoQuant data tells the story: ETH holders aren’t budging. Instead, they’re accumulating more. On the 10th of March, they held 15.5356 million ETH, and by the 3rd of May, that had jumped to 19.0378 million ETH – a 22.54% increase. This behavior is textbook structural conviction, with whales betting on short-term upside. If Pectra delivers, expect those sidelined bags to rotate into realized gains – a long-awaited payoff for their patience. Market leaning bullish, yet hedged Ethereum is flexing its on-chain dominance with $6.5 billion in real-world asset (RWA) TVL – far outpacing the rest…

---

Filed under: News - @ May 6, 2025 10:26 am