On-chain data shows that Ethereum (ETH) accumulation addresses are continuing to stack ETH, offering a potentially attractive opportunity for investors to gain exposure to the digital asset from a risk-reward perspective.
Ethereum accumulation addresses aren’t selling
The so-called accumulation addresses – defined by a strict set of criteria – tend to offer interesting insights into long-term conviction in a specific asset. A recent CryptoQuant analysis shares some intriguing insights into long-term ETH wallet addresses.
Analyst _OnChain defines these accumulation addresses as the ones that have never had any outflow of ETH. In addition, their last inflow amount must be more than 100 ETH, and they should have received at least two such inflows.
Further, their current balance should be equal to or more than 100 ETH, and they must have had at least one transaction in the last seven years. Finally, these wallet addresses should not belong to any centralized exchange or mining firm or be a smart contract address.
After applying these filters, the analyst shortlisted a handful of wallet addresses that collectively hold about 27 million ETH. This figure represents approximately 23% of the total ETH circulating supply.
This concentration of ETH in the wallet addresses shows the amount of ETH that is essentially illiquid, as the long-term holders have never shown any intention of selling their digital assets, even during bear markets.
Pay attention to realized price
The analyst added that over the past nine years, ETH has traded below the accumulating addresses’ realized price only twice.The first instance was way back in 2015 during ETH’s all-time low (ATL), whereas the second occurrence is happening right now, since January 2026.
Historically, ETH trading below the realized price of whales or accumulation addresses has worked as an attractive entry point for investors, as it is unlikely that large, institutional investors with a long-term investment horizon would sell their holdings during such volatility.
Another recent vote of confidence came from BitMine’s Tom Lee, an ETH permabull who has expressed interest in accumulating as much as 5% of the total ETH supply. The crypto entrepreneur recently said that he views the current ETH dip as ‘attractive.’
