Mounting utility may be driving massive Ethereum accumulation trend

Ethereum's lackluster price action hasn't stopped large investors from accumulating.

New data shows that the cryptocurrency's largest investors have been busy at work purchasing massive amounts of ETH throughout the past year.

This accumulation trend has led so-called "Whale addresses" to rocket to a 10-month high, with these investors now collectively owning over 21.8 million Ethereum.

Whales aren't the only ones accumulating ETH either, as recent data shows that the cryptocurrency had also seen massive institutional inflows throughout the early part of the year.

Ethereum's price action throughout 2019 and 2020 has largely favored sellers, as the cryptocurrency has struggled to garner any decisive uptrend - leading it to post large losses against its Bitcoin trading pair.

Blockchain data platform Santiment spoke about this in a post, offering data showing just how striking this accumulation trend has been.

Previously reported that Ethereum saw massive institutional inflows in Q1 of this year.

This trend is clearly elucidated while looking towards data from Grayscale Investment's Ethereum Trust, which saw $110 million worth of institutional inflows.

Although the company's Q2 report has not yet been released, there is a strong possibility that this trend will have continued strong throughout the past several months.

One factor that could be driving the accumulation trend seen amongst both whales and institutions is Ethereum's rocketing utility.