[Analyst Says Whale Accumulation May Drive Ethereum Upward] According to on-chain data, whale addresses holding 1,000 to 100,000 ETH have increased their holdings by 14% over the past five months. Analysts believe that the concentrated accumulation by whales, along with the $9.9 billion net inflow into the Ethereum chain and $6.7 billion stablecoin inflow, may drive ETH further upward.