Analyst: Multiple On-Chain ETH Metrics Hit Record Highs, Signaling a Potential ETH Rally

According to Jinse Finance, analyst Carmelo Alemán cited CryptoQuant data indicating that strictly filtered holding addresses (excluding exchange addresses and with near-zero historical outflows) held over 22.7465 million ETH as of June 30, a surge of 35.97% from 16.7281 million ETH at the beginning of the month. These addresses saw a net purchase of 6.0184 million ETH in June, setting a new monthly record for accumulation. As of July 1, their average cost basis was $2,114.70, and with the current price at $2,565, they have realized a floating profit of 21.29%. In addition, the amount of ETH in liquid staking increased from 34.546 million ETH to 35.526 million ETH in June, a net monthly increase of nearly 1 million ETH (up 2.83%). On July 1, this figure hit a new all-time high of 35.564 million ETH. The analysis points out that these holding addresses are mostly institutional investors, ETF funds, and large holders, some of whom are earning yields through leading protocols such as Lido and certain exchanges while waiting for a price breakout. Carmelo Alemán explained that although the current ETH price has not yet broken out, the continued record-setting accumulation and locking of ETH by institutions suggest the market may be on the verge of a major rally. The divergence between on-chain data and price trends may be forming a "spring effect"—the longer the compression, the stronger the rebound.