Ethereum elites buy the dip to $2,000: Steal of a bargain or retail accumulation?

• On-chain data show that smart wallets holding over 100,000 ETH are expanding their holdings to a 9-week high.
• Ethereum trades near $2,000 on Friday, extending its decline under broader market pressure.
• Institutional outflows and low network activity risk eroding Ethereum's demand.
  
  Ethereum (ETH) is under intense selling pressure, hovering around $2,000 at press time on Friday after three consecutive days of losses. Institutional outflows and a decline in active addresses support the “bearish rally” in the major altcoin amid a broader decline in the cryptocurrency market. Still, a group of elite holders with over 100,000 ETH tokens is buying the dip at a record pace, risking being left holding the bag.