TLDR:

• ETH-accumulating whales increased their balance as the realized price dropped, confirming active buying at lower levels. 
• The realized cap for accumulating whale addresses rose, ruling out any selling activity within this cohort. 
• ETH is currently trading at $1,949, with a 1.80% price gain recorded over the past seven-day period. 
• Trader Daan Crypto warns that a drop below $1,900 could push ETH toward its February lows fairly quickly. 

ETH continues to draw attention from large investors even as its price shows signs of pressure. On-chain data reveals that accumulating whale addresses are not selling their holdings.

Instead, these whales are buying at lower price levels. The realized price metric for this cohort has bent downward, which may seem alarming at first glance.

However, a closer look at balance and realized cap data tells a more complete story about what these large holders are actually doing.

What the Realized Price Drop Really Means for ETH

The realized price of accumulating whale addresses has turned downward for the first time. This kind of movement can point to two separate scenarios in the market.

Either a whale with a higher cost basis sold their ETH, pulling the average down. Or new buying occurred at lower prices, which also pulls the realized price downward.

To determine which case applies, analysts cross-referenced balance data and realized cap figures. In the same period where the realized price dropped, the balance of accumulating whales went up. At the same time, their realized cap also rose, not fell.

These two data points together confirm that no selling took place among this cohort. On the contrary, whales added more ETH to their holdings at reduced price levels. This buying behavior is what caused the realized price to bend downward, not distribution.

CryptoMe, a well-followed Cryptoquant on-chain analytics analyst, stated that accumulating whales’ trust in ETH still looks strong based on this data set.

Price Levels and What Traders Are Watching Closely

Even with whale accumulation continuing, the broader price action remains uncertain. ETH is currently trading at $1,949.06, with a 24-hour volume of over $18.8 billion. The asset posted a 0.23% gain in the past 24 hours and a 1.80% rise over the past seven days.

Crypto trader Daan Crypto Trades pointed out that liquidity levels are clear in this range. According to Daan, a move above $2,150 would mark a new local high and likely push prices further up. However, a drop to $1,900 or below opens the door to revisiting February lows.

That caution is worth noting, especially since the accumulating whale data only covers one segment of the market. Other investor groups and broader macro conditions can still move the ETH price independently.

The on-chain data does not account for retail behavior, derivatives activity, or sentiment shifts.

Therefore, while whale accumulation is a constructive sign, it does not guarantee price direction in the short or medium term.

Traders and investors are advised to monitor multiple data sources before concluding where ETH heads next.

New analysis from banking data company KlariVis found that 90% of community banks in its sample had customers transacting with Coinbase. Across 53 banks where transaction direction could be determined, $2.77 flowed to the crypto exchange for every $1.00 returning, resulting in a net $78.3 million deposit shift over 13 months.

The study reviewed 225,577 Coinbase-related transactions across 92 community banks and found that transfers were heavily concentrated in money market accounts, where 96.3% of identifiable transaction volume represented funds leaving banks for the exchange.

“In general, community banks can be defined as those owned by organizations with less than $10 billion in assets,” the Federal Reserve says on its website.

KlariVis said that if the patterns observed in the sample hold nationally, more than 3,500 of the country’s roughly 3,950 community banks could have similar customer activity tied to Coinbase transfers.

The size of the 53 banks with directional data ranged from $185 million to $4.5 billion in deposits, with smaller institutions showing higher relative exposure. At banks with less than $1 billion in deposits, 82% to 84% of Coinbase-related transactions represented funds moving out, compared with about 66% to 67% at banks above $1 billion.

Across those banks, total outflows reached $122.4 million compared with $44.2 million in inflows. The average outbound transfer was $851, while inbound transfers averaged $2,999 but occurred far less frequently.

Money market accounts accounted for $36.8 million of the net outflow, with average transfers of $3,593, significantly higher than checking account movements.

Community banks hold about $4.9 trillion in deposits and fund about 60% of small business loans under $1 million and 80% of agricultural lending, according to the report, which argues sustained deposit migration could affect local credit availability.

Using academic estimates that small banks reduce lending by about $0.39 for every $1 decline in deposits, KlariVis said the $78.3 million net outflow could translate into about $30.5 million in reduced lending capacity.

Related: Coinbase’s Base transitions to its own architecture with eye on streamlining

CLARITY Act stalled by debate over stablecoin yield

The study comes as the US Congress, banks and crypto-native companies debate the CLARITY Act, which aims to define the regulatory framework for digital asset markets and determine whether crypto exchanges and stablecoin intermediaries can offer yield on customer holdings.

While the GENIUS Act, passed in July 2025, bars stablecoin issuers from paying interest, it does not prohibit third-party intermediaries such as Coinbase from offering yield on stablecoin balances, which has become a major point of contention between financial institutions and crypto companies.

In August, Banking groups, led by the Bank Policy Institute, urged lawmakers to address what they describe as a “loophole” in the law, warning that allowing exchanges to offer indirect yield could accelerate deposit outflows, disrupt credit flows and shift up to $6.6 trillion from the traditional banking system.

Last month, Bank of America CEO Brian Moynihan echoed that sentiment, saying interest-bearing stablecoins could draw up to $6 trillion from the US banking system, citing US Treasury-backed research suggesting deposits could migrate if issuers are allowed to pay yield. 

Meanwhile, Coinbase CEO Brian Armstrong has pushed back against restrictions on stablecoin rewards. In January, he withdrew support for a version of the bill, writing on X: “We’d rather have no bill than a bad bill.” He raised several concerns about the draft, one of which was that it would eliminate stablecoin yield and protect banks from competition.

Despite ongoing tensions between banks and crypto companies, US Senator Bernie Moreno said on Wednesday he thinks the CLARITY Act could advance through Congress by April. Prediction marketplace Polymarket currently shows an 83% chance that the legislation will be signed into law this year.

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