That scale of accumulation pushed attention back to who is buying the dip, and why larger players seem willing to add exposure while prices wobble.
Many of those coins are likely in staking contracts, cold wallets or institutional custody, and the recent launch of the first Ethereum staking ETF has helped pull more supply off exchanges.
Lower exchange balances mean fewer coins ready to be sold instantly on exchanges, which can make price moves sharper when big orders hit the market.
Based on TradingView readings, ETH is trading around $4,011, down roughly 0.33% over the last 24 hours and more than 10% over the past week.
The token briefly slipped under $3,980 earlier in the session before climbing back, and it remains below a recent close of $4,034.
This two-week pullback has returned ETH to a key $4,000 support area, and short-term swings have become more pronounced as holders reposition.
Crypto analyst Ted Pillows has warned that the $3,700 to $3,800 zone could face heavy pressure. Reports note that if ETH falls below $3,700, many margin positions could be wiped out and spark forced selling that pushes prices lower.
With fewer coins on exchanges and concentrated margin exposure, the short-term outlook is more fragile even as longer-term demand indicators look solid.
Those numbers underline how quickly institutional sentiment can change: big inflows can vanish just as fast, and ETF flows now add a new, sizable layer to price dynamics.
Retail traders appear more cautious for now. But the sequence of big buys from institutional-grade custodians suggests some buyers view dips as buying chances while others choose to wait on the sidelines.
Featured image from Unsplash, chart from TradingView
