Ethereum is in a classic transition phase.

$644M in $ETH ETF outflows and a sharp drop in open interest show institutions and leveraged traders stepping back.

But beneath the surface, the largest whales are accumulating at record levels, something they rarely do during hype cycles.

This isn’t panic selling, it’s risk being flushed out.

Historically, these quiet consolidations are where the next major $ETH move is built.