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$ETH whales just hit a 10-week high in supply share. 22% of total supply sits in 100K+ wallets. 17.41M coins on their books, a 9-week high. Ethereum price fell from $3,400 to $2,000 over six months. The largest holders used the entire drawdown to accumulate. Retail capitulates into weakness. Whales add into it. Same chart. Two different audiences. Bottoms aren't called. They're bought. NFA.

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