Ethereum whale gather millions, but THIS sparks doubts on ETHs upside

SharpLink Gaming added 1,989 ETH worth $4.82 million via an OTC deal just five hours ago. That pushed its total ETH holdings to 190,467 ETH, nearly $478 million, building on its earlier 188,478 ETH purchase.

Source: Lookonchain

Meanwhile, whale 0x1fc7, who staked 3,201 ETH a week ago, returned with another 1,888 ETH ($4.56M) buy, immediately deposited into the Beacon Chain.

Yet, ETH hovered around $2,428, showing no signs of reacting. Naturally, this disconnect between bold accumulation and price inertia raises bigger questions.

Is Ethereums sudden network surge already cooling off？

Ethereums Network Growth briefly soared past 250,000 new addresses before collapsing back to 24,800, per Santiment data.

Having said that, sustained adoption needs consistency. If this decline sticks, ETH may find it harder to retain momentum at current levels, especially if the whales remain alone in their optimism.

Source: Santiment

Everyones underwater？!

Source: Santiment

Ethereums NVT explosion indicates THIS!

ETHs NVT Ratio surged to 2044, its highest in recent months. That kind of spike typically screams imbalance, where network valuation far outpaces actual utility or transaction flow.

In fact, this usually precedes either corrections or long periods of sideways drift. Unless transaction volume catches up, even recent whale buys may hit resistance zones faster than expected.

Source: Santiment

Why is whale divergence widening？

Heres the kicker: while a few whales made headlines, the broader cohort backed off.

Source: IntoTheBlock