ETH is not accumulating right now. It is being redistributed.

🔵 On-chain data from September to December shows almost perfect balance: 2,267 ETH bought, 1,951 ETH sold. The net result is +364 ETH.

🔵 Large wallets are not betting on the growth of ETH price here and now. They are using it as a liquid tool: entering, exiting, redistributing risk.

🔵 Most of the purchases went to L2, primarily Base. The reason is simple − it is cheaper to trade and more convenient to handle small transactions, especially under meme coins. It is simply unprofitable on the mainnet.

🔵 At the same time, there is a noticeable exit from liquid staking. ETH is being transferred from stETH and its analogs back to regular ETH. The choice is not about yield, but about liquidity. This is an important shift in behavior.

There are two types of players:

🦯 Large buyers who enter in blocks and hold

🦯 Systematic DCA who buy often and in small volumes

But even together, they do not create a strong net inflow.