On-chain data shows that large wallets on the Ethereum network have continued to accumulate despite the price decline the asset has faced.
Ethereum holders with at least 100,000 ETH now control 22% of the supply
According to data from on-chain analytics firm Santiment, Ethereum investors owning at least 100,000 ETH have been piling up recently. At the current exchange rate, that 100,000 ETH threshold converts to almost $200 million, so the only holders who would qualify for the cohort would be the wealthiest.
In fact, the sums held by members of this group are so large that they would be classified as large even among whales, the popular cohort for ranking influential investors.
Now here is a chart that shows the trend of the total supply held by these Ethereum mega whales over the past few months:
As the chart above shows, Ethereum investors with more than 100,000 ETH have collectively added a net amount to their holdings since the beginning of May. It is interesting to note that this accumulation trend has continued despite the bearish turn taken by the market during the second half of this month.
The chart shows that these huge ETH investors now hold a total of 17.41 million tokens, the highest in around nine weeks. In terms of supply percentage, their holdings occupy a 22.03% share, which represents a 10-week high.
The fact that the huge Ethereum whales have recently increased their holdings can naturally be a positive sign for the cryptocurrency, but it should be kept in mind that the supply of this group has always followed an overall decline since the fourth quarter of 2025. Given this, it only remains to be seen whether the current trend will continue long enough to reverse this decline.
On a related note, on-chain analytics firm CryptoQuant also shared some large holder data, this time for the Bitcoin network.
As the chart on the right shows, Bitcoin whales saw their supply increase in January and February, but since then their 30-day supply change has fallen to neutral levels. At the same time, the smaller pod of dolphins (shown on the left) also retreated on its accumulation. “Historically, when both cohorts stagnate simultaneously, sustained price weakness tends to ensue,” CryptoQuant explained.
ETH Price
After falling more than 6% over the past week, Ethereum found itself below the $2,000 level for the first time since late March.
