Ethereum Signals Reaccumulation as Exchange Supply Shrinks, CryptoQuant Says

Suehyeon Lee

Summary

CryptoZeno said the realized market capitalization of Ethereum accumulation addresses has continued to rise even as the token's price remains range-bound near $2,000.
He said the growing share of addresses withdrawing funds from exchanges is easing immediate selling pressure and interpreted the trend as a reaccumulation phase in which supply is moving into stronger hands.
He said that if exchange outflows continue, the pattern could lead to supply contraction and a price expansion phase, while improving on-chain fundamentals ahead of price could signal the formation of a medium- to long-term trend.

Forecast Trend Report by Period

Ethereum has entered an important turning point in its on-chain structure, according to CryptoQuant contributor CryptoZeno.

On April 14, CryptoZeno wrote that Ethereum has remained range-bound near $2,000 even as the realized market capitalization of accumulation addresses continues to rise. He said that indicates long-term investors are absorbing supply during periods of price weakness.

Similar signals are emerging in fund flows. Continued transfers into accumulation addresses mean coins are moving into wallets with limited transaction history, a pattern that points to stronger long-term holding behavior. CryptoZeno added that this trend was clearly visible after the April 2025 correction and during the recent pullback.

Exchange flow dynamics are also changing. In past rallies, inflows centered on high-frequency deposit and withdrawal addresses, reflecting a stronger short-term trading bias. Now, that speculative flow has eased, while the share of addresses withdrawing funds from exchanges has increased. That suggests assets are leaving liquid exchanges, reducing immediate selling pressure.

The absence of sharp inflows into exchanges also indicates limited signs of market overheating. CryptoZeno described the pattern as a reaccumulation phase in which supply is gradually moving into stronger hands.

He said continued exchange outflows could lead to tighter supply and set the stage for a price expansion phase. Ethereum is now in a period in which on-chain fundamentals are improving ahead of price, he added, and that structure could signal the formation of a medium- to long-term trend.

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