Ethereum’s largest holders are making bold moves, quietly amassing over 1.49 million ETH in the past month—a 3.72% increase that now puts nearly 27% of the total supply in the hands of whales and sharks 1 2 3. This strategic accumulation comes as retail investors step back, locking in profits and reducing their exposure, with new and active addresses dropping sharply in recent weeks 4.
Whales Double Down as Retail Steps Aside
Over the last 30 days, wallets holding between 1,000 and 100,000 ETH have steadily increased their positions, even as smaller investors have exited the market. This shift has resulted in a quiet but significant transfer of supply from retail to institutional hands, reinforcing the long-term confidence of major players 1 2 3.
• Whale and shark wallets: +1.49M ETH added, now control 26.98% of supply 2 3
• Retail activity: New addresses down 26.5%, active addresses down 55.37%.
• Retail holders: Share reduced by 0.91% in the last month
Market Sentiment: Cautious Optimism, Not Euphoria
Despite this accumulation, the broader market remains cautious. Ethereum’s price has stabilized, but the lack of retail enthusiasm and a muted funding rate (+0.0045%) suggest that traders are not yet ready to take on significant risk. Large transactions above $1M have dropped by more than 45%, and those above $10M have disappeared, while smaller speculative transfers have surged.
The current resistance zone between $2,550 and $2,650 is acting as a psychological barrier. If bulls can push ETH above this level, a wave of short liquidations could drive prices higher. However, failure to break through may trigger a swift correction as leveraged positions unwind.
What’s Next for Ethereum?
The ongoing accumulation by whales signals strong long-term conviction, but without renewed retail participation and a decisive move above key resistance, Ethereum may remain range-bound in the near term. The market is waiting for a catalyst—such as a macroeconomic shift or a surge in network activity—to align whale confidence with broader investor momentum.
“As whales tighten their grip on supply, Ethereum’s resilience may strengthen—even without significant retail involvement for now.”
For those watching Ethereum, the message is clear: the big players are positioning for the future, but the next breakout will likely require both institutional conviction and a return of retail enthusiasm.
