Major Players Accumulate Ethereum Amid Network Growth and Strategic Shift

While Ethereum's price has been consolidating around the $3,000 level for several weeks, significant activity is unfolding behind the scenes. A clear divergence is emerging between large-scale accumulation and retail selling, alongside substantial advancements in the network's underlying technology and adoption.

Data from Santiment reveals a pronounced pattern that began in mid-November: wallets holding between 1,000 and 1 million ETH have been consistently increasing their positions. This institutional and whale-level accumulation stands in stark contrast to the behavior of smaller retail wallets, which have been net sellers. Market analysts often interpret such a divergence as a bullish signal for the asset's future trajectory.

Recent high-profile transactions underscore this trend. Within a 24-hour period, asset management giant BlackRock transferred 36,579 ETH, valued at approximately $108 million, to Coinbase. Concurrently, BitMEX co-founder Arthur Hayes moved 680 ETH, worth around $2 million, to Binance.

Trading metrics show a notable shift in market participation. Spot trading volume recently declined by 52 percent to roughly $18.5 billion. Conversely, Open Interest in derivatives markets rose by 2.46 percent to $38.5 billion, suggesting traders are increasingly establishing leveraged positions.

Robust Network Expansion and Dominance in Tokenization

On-chain data paints a picture of robust growth, even during a sideways price phase. Ethereum network growth hit its highest 50-day average of the year. A single day in early December saw the creation of 197,380 new wallets, with another 195,460 generated mid-month.

Ethereum continues to be the foundational layer for decentralized finance and the tokenization of real-world assets. More than 66 percent of all tokenized real-world assets reside on its network. In a significant endorsement, JPMorgan Chase recently launched its first tokenized money market fund on Ethereum, seeding the MONY fund with $100 million. The bank's asset management division cited "massive client interest in tokenization" as a key driver.

Should investors sell immediately? Or is it worth buying Ethereum?

Key ecosystem metrics show substantial year-to-date increases. The Total Value Locked (TVL) grew from 25 million to 31 million ETH in 2025. Monthly trading volume on decentralized exchanges climbed from $67 billion to $86 billion year-over-year. Furthermore, the stablecoin market capitalization on Ethereum expanded from approximately $115 billion to $171 billion by the end of November.

Strategic Pivot: Security Takes Precedence in Roadmap

The Ethereum Foundation has recalibrated its technical roadmap for Zero-Knowledge Ethereum Virtual Machines (zkEVMs). Moving away from a sole focus on maximum speed, the foundation is now prioritizing robust security standards, outlining three critical milestones to be achieved by the end of 2026.

This shift follows recent research that uncovered vulnerabilities in existing proof systems. The foundation is now advocating for 128-bit security standards. Technical teams have already made impressive progress, reducing proving time from 16 minutes to 16 seconds and slashing associated costs by a factor of 45. Currently, 99 percent of Ethereum blocks can be proven on target hardware in under 10 seconds.

Ethereum co-founder Vitalik Buterin recently highlighted protocol complexity as a fundamental threat to the network's trustlessness. He argued in favor of potentially sacrificing certain features to enhance overall understandability and accessibility for developers and users.

Technical Landscape and Price Outlook

The $3,000 price level remains the immediate resistance point for ETH. Technical indicators present a mixed picture. The Average Directional Index (ADX) sits at 30.39, which is above the critical threshold of 25, indicating a strong trend is in place. However, the Chaikin Money Flow has dipped to -0.05, pointing to rising selling pressure.

A support zone between $2,762 and $2,900 has been tested and defended on multiple occasions. A decisive breakout above $3,000 could open a path toward targets in the $3,131 to $3,287 range. Continued institutional interest is expected to provide underlying support, especially after ETF inflows already reached $10.04 billion in the third quarter of 2025.