Everyone posting "whales are stacking ETH" this week skipped one step. Arkham's Ethereum page does show big balance jumps across named entities. Wintermute: +644%, roughly +$26M https://t.co/iGgWXnmLS4 and Matrixport: +171%, roughly +$17M Before you call that conviction, read who those wallets belong to. Wintermute is a market maker. ETH landing in its wallets is usually inventory it plans to quote and sell, not a long term bet. Matrixport and Uphold are platforms. Their balances rise when customers deposit, and customers deposit for many reasons, including to sell. A 644% jump can also come off a small starting balance. It tells you the wallet was light, not that the buyer is huge. None of this kills the bullish read. My view: ETH holding the $2,280 to $2,300 zone on $7B+ in daily volume says buyers are absorbing what gets sold. Here is the filter I run before calling anything accumulation on Arkham: 1. Funds, treasuries and unlabeled whales count. Market makers and exchanges mostly do not. 2. The ETH should leave exchanges, not arrive at them. 3. The balance should still be there days later, not just hours. 4. The buy should be large in dollars, not only in percent. Pass all four and I will call it stacking with you. Right now Arkham proves ETH is moving. It does not yet prove who is holding, and the analysts who read the label before the balance are the ones still standing next cycle.