Ethereum has slipped roughly 9% over the past year and is trading near $3,033, but the headline price action doesn’t tell the full story. Beneath the surface, on-chain data suggests a quiet shift in market behavior, with large holders increasing exposure even as smaller investors reduce theirs. This divergence is drawing attention as conversations around real-world asset (RWA) tokenization grow louder.
Whale Accumulation Signals Long-Term Conviction
According to CryptosRUs, wallets holding more than 10,000 ETH have been steadily accumulating during recent market weakness, while smaller holders have been trimming positions. This pattern is notable because it reflects a tactical approach often associated with experienced, well-capitalized players. Rather than chasing rallies or reacting to hype, these large wallets tend to add exposure during periods of consolidation or pullbacks.
The accumulation trend reportedly accelerated around July 2025, suggesting that confidence among large holders has been building for months. While accumulation does not guarantee an immediate price breakout, it often precedes broader market moves. Historically, buyers position themselves first, with price strength showing up later once supply tightens and sentiment shifts.
Tokenization Could Strengthen Ethereum’s Long-Term Case
Beyond short-term price action, Ethereum’s role in the tokenization of real-world assets is becoming a central part of its investment narrative. Tokenization aims to bring assets like real estate, equities, bonds, intellectual property, and art onto blockchains, potentially expanding global market access and liquidity. Market commentators such as Tom Lee have argued that this trend could increase the addressable market by orders of magnitude.
As the dominant smart contract platform, Ethereum is widely viewed as a leading candidate to serve as the “economic base layer” for this tokenized ecosystem. If adoption continues, demand for Ethereum’s infrastructure — and by extension ETH itself — could rise over time.
Bottom line: While retail selling has kept Ethereum’s price volatile, on-chain data shows large holders quietly building positions. This Bitcoin-style accumulation behavior points to longer-term conviction rather than short-term speculation. Investors and traders watching Ethereum should keep an eye on whale wallet balances, exchange flows, and real-world asset tokenization developments to gauge whether this accumulation phase eventually translates into sustained price momentum.
