This doesn’t look like $ETH accumulation if you’re watching price.

It does if you’re watching supply.

$ETH isn’t attracting aggressive inflows. What’s happening instead is quieter: liquid supply is being absorbed while turnover slows. That’s a different signal.

From a flow perspective, this phase is defined by compression:

- Smaller holders are distributing into strength
- Larger wallets are accumulating without urgency
- Exchange balances continue to drift lower
- Volatility compresses while positioning resets

That combination usually precedes movement, not follows it.

What matters here is elasticity. When $ETH sits with holders who don’t trade every headline, downside reactions soften. Volatility doesn’t disappear, but it loses momentum.

At the same time, upside becomes more sensitive to marginal demand.

This is why $ETH rallies tend to be sharp when they arrive. Supply doesn’t slowly loosen. It snaps.

From a trading POV, this isn’t a “buy now” signal. It’s a positioning signal. Risk is being repriced quietly, not chased loudly. That’s when setups form before charts look cooperative.

$ETH isn’t turning yet.
But it’s getting harder to push around.

That’s usually the part people notice last.