Recent years have seen Ethereum soar, and not just in terms of price. New wallets have amassed 40,591 ETH, or roughly 148 million dollars, in the last day alone. Over 466,253 ETH, or about $1.07 billion, have been taken by seven newly active wallets in the last two weeks alone. This enormous inflow is part of a larger trend. 

Even more intriguing is the origin of this ETH. Transfers from institutional platforms such as FalconX Galaxy Digital and Kraken are revealed by on-chain data, which suggests sophisticated accumulation by insiders or high-net-worth individuals or funds.

ETH/USDT Chart by TradingView

FalconX has sent 138,345 ETH (505 million dollars) to address 0x8eEa over the past five days. A total of 122,691 ETH (448 million dollars) was received by address 0x9684 from the same source. Another blatant institutional-grade move occurred when 0x35fb and 0xD479 combined to withdraw over 136,000 ETH from Kraken. 

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Address 0x3dF3 received 43,787 ETH (160 million dollars) from Galaxy Digital. The pattern is more akin to long-term positioning than short-term speculation, even though the purpose of these accumulations is still unknown. Distribution across several addresses also raises the possibility of OTC agreements, private vaults or custodial solutions.

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Technically speaking Ethereum's chart supports the optimistic outlook. Before experiencing a slight decline, ETH soared past $3,700 after surpassing the crucial resistance zone at about $3,200. Although the asset is still in an overheated zone, the RSI is still high and the price action is forming a healthy consolidation rather than a breakdown.

Real market conviction supports the current moves, as evidenced by the high volume. If this accumulation trend keeps up, Ethereum might be ready for a second surge, particularly if there are macro tailwinds or ETF developments. The on-chain accumulation offers a floor of confidence for the time being. Instead of selling, smart money continues to buy.

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