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Ethereum retail buying surges but on-chain data signals caution amid limited fresh capital inflows.

Technical Signals
04 Jun 2026
Blockonomi
View Source
Bearish
pluang ai news

Ethereum's retail accumulation addresses have surged to near-record levels in late 2025 and early 2026, indicating strong buying interest from smaller investors. However, key on-chain metrics like the Spent Output Profit Ratio (SOPR) hovering near 1 and the Net Unrealized Profit/Loss (NUPL) remaining above past bear market lows suggest limited fresh capital inflows and room for further price declines. Analysts note that while retail buyers are active, large holders (whales) are distributing their holdings, absorbing retail demand without pushing prices higher. Binance user deposit addresses remain below bull market peaks, implying many holders are not preparing to sell immediately. Together, these signals point to a cautious outlook for Ethereum with potential for extended downside unless SOPR and NUPL indicators improve.

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