The supply of Ethereum held by major addresses has significantly increased in the past month, despite some market indicators suggesting otherwise. While the price of ETH has been relatively stable, data from Glassnode shows that large players have been selling their assets, causing concern among investors. However, other data sets suggest that investors are actually accumulating ETH, as evidenced by the increase in supply held outside of exchanges. This accumulation could lead to a short-term price spike, although some metrics indicate that the token is under selling pressure.