CryptoQuant analysts have noticed signs of Ethereum entering the distribution phase: since the end of June, ETH reserves at Binance rose from 3.64 million to 3.87 million (+221,000 ETH, +6.1%), and the average order size has shifted to "Whale Left" - a decline in participation by major players. According to experts, this creates a weaker market structure with increased supply and vulnerability to volatility, although it does not guarantee an inevitable price drop.

At the same time, Santiment reported that both major holders (100-100,000 ETH) and minor investors (<0.01 ETH) had accumulated Ethereum, with their shares in the total supply rising by 1.73% and 1.82%, respectively, month on month. Analysts believe that sales come predominantly from the "middle class" - swing traders and liquidity providers. They estimate that double accumulation will provide a stronger foundation for ETH in the second half of 2026.

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