ETH Whale stock hits record highs as BlackRock Staking ETF launches on Nasdaq
TLDR
Over 240,000 ETH worth approximately $480M has been accumulated by Whale as of early March 2025.
BlackRock's ETHB ETF on the Nasdaq allows institutions to gain yield by covering 70–95% of their ETH holdings.
Ethereum's active addresses during the price drop are a mirror image of historical stocks seen since 2022.
ETH exchange supply combined with whale buying could result in a supply glut in the coming weeks.
When BlackRock's iShares Staked Ethereum Trust ETF began trading on the Nasdaq, the stock of Ethereum hit an all-time high.
More than 240,000 ETH, worth nearly $480 million, has been accumulated since early March. The price of ETH is bound to range between $1,900 and $2,150.
Network activity data also indicates an increasing rate of bullying. Active addresses on the Ethereum network have increased significantly.
This indicates that inventory is actively driving participation on the chain during the current price slowdown.
Whales and institutions drive demand for ETH
Crypto analyst CryptosRus pointed out the trend on social media, noting that whales are piling up ETH at an alarming rate.
Since the beginning of March, more than 240,000 ETH reserves have attracted widespread market attention. Despite this continuous buying pressure, the price of ETH has not yet broken out of its current range.
The BlackRock iShares Staked Ethereum Trust ETF now trades on the Nasdaq under the symbol ETHB. This product introduced new institutional interest to the ETH market.
The ETF allows institutions to have direct exposure to ETH with between 70% and 95% of their holdings set aside for yield. It provides institutional participants with both price exposure and an income stream simultaneously.
In the first days of trading, nearly $2.2 million went into the ETF. While this figure is modest, the product structure may attract larger capital allocations over time.
The yield component makes this product more attractive than a standard spot ETF. Institutional participation in such new tools often increases rapidly after an initial quiet period.
A reduction in exchange rates is another factor to consider. As more ETH exchanges move into stocking or cold storage, the available selling pressure will decrease.
Coupled with continued whaling activity, this dynamic could result in a supply glut if demand continues to build at its current rate.
The data on the chain supports the storage thesis
Crypto analyst CW8900 says that active Ethereum addresses have increased significantly despite the recent price drop. This trend of increasing network activity during price declines has been consistently observed near the bottom of the Ethereum market since 2022. According to the data, participants used the low price window to accumulate ETH.
Moreover, the analyst pointed out that the activity has increased significantly since the recent price drop. This period closely mirrors the behavior seen in previous levels of Ethereum stock.
Source: CryptoQuant
It adds weight to the view that experienced market participants are actively betting on current price levels.
The difference between price action and network activity is a well-monitored indicator in chain analysis. As active addresses increase and prices decrease, it often indicates growing participation from new or returning market participants. This feature has historically preceded broad market recoveries in past Ethereum market cycles.
That said, price confirmation has yet to arrive. ETH continues to trade within the established range, and no clue has been found.
Market participants are watching closely whether this rallying trend could eventually escalate into a sustained price rally.
