The concentration of Ethereum (ETH) among large wallet holders is increasing as whales and institutional players continue to purchase the second-largest cryptocurrency at an aggressive pace. New on-chain data also revealed a striking change in the supply distribution of the asset. Currently, almost a quarter of Ethereum supply is now controlled by these big playerssuggesting that accumulation by whales has continued despite recent price declines and market volatility.
Over 22% of Ethereum Supply Now Controlled by Whales
On May 28, on-chain analytics platform Santiment job new data on Ethereum Supply Distribution and the concentration of whales on tendency towards renewed accumulation among major investors.
Santiment noted that this represents the largest number of ETH held by this group of whales in the last nine weeks, suggesting that large players and institutions are aggressively increase their purchasing activity as prices continue to fall. Notably, the total value of each ETH whale wallet has soared to around $35 billion based on recent market prices.
Additionally, the share of Ethereum supply held by these whales reached a whopping 22.03%, marking a level of supply distribution not seen in 10 weeks. This data highlights the growing dominance of a small group of large holders over Ethereum Circulating Supplyunlike the smaller holdings of individual investors.
Interestingly, Ethereum whale activity has increasing since 2025investors taking advantage of falling prices and market fluctuations to strengthen their positions. However, during 2026, Ethereum experienced a major distribution phase, while these same whales started selling their cryptocurrencies. However, recent reports indicate that this trend has since changed.
Not only are whales directly accumulating Ethereum, but according to CryptoQuant, foreign exchange reserves continued to decline until the second quarter of 2026. This constant outflow has significantly contributed to the reduction in the circulating supply of ETH, suggesting that whales are buying ETH and moving it to cold wallets for long-term holding.
ETH Buy Orders Increase as Whales Go Long
Currently, Ethereum buy orders continue to riseas on-chain data shows strong confidence and renewed interest among large holders. CW Crypto Analyst common this latest development on X, noting that there have been virtually no orders to sell whales in recent days. He also said that buy orders effectively absorb sales volume to individual investors in the ETH market.
As this unfolds, whales appear to be long on Ethereumbetting it could soon rise. A recent market report from Crypto Rover watch that a large holder opened a staggering $25.6 million long ETH position with 25x leverage. Crypto Rover described this as a “foolish bet,” highlighting both massive confidence and the tail risk involved. The analyst noted that if Ethereum’s price drops by just $20, the whale’s entire position could be wiped out.
Featured image created with Dall.E, chart from Tradingview.com
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