Multiple on-chain indicators for Ethereum have hit record highs, and ETH may be facing a pump.

Gate News bot news, analyst Carmelo Alemán cited CryptoQuant data indicating that strictly selected Coin Hoarding Addresses (excluding platform addresses and with historical outflows nearing zero) held 22.7465 million ETH as of June 30, an increase of 35.97% from 16.7281 million ETH at the beginning of the month. These addresses had a net purchase of 6.0184 million ETH that month, setting a record for monthly accumulation.

As of July 1, its average cost price is $2114.70, and based on the current price of $2565, it has an unrealized profit of 21.29%.

In addition, the ETH liquid staking volume in June increased from 34.546 million ETH to 35.526 million ETH, with a net increase of nearly one million ETH in a single month (an increase of 2.83%). On July 1, it set a new historical peak of 35.564 million ETH. Analysis indicates that Coin Hoarding Addresses are mostly institutional investors, ETF funds, and large holders, some of whom earn returns through leading protocols like Lido while waiting for price surges.

Alemán explained that although the current ETH price has not broken through, the continuous record coin hoarding and locking behavior by institutions suggests that the market may be brewing a significant upward trend. The divergence between on-chain data and price movements may be forming a “spring effect.”