Ethereum’s recovery above $2,000 is drawing renewed optimism — and the biggest holders are quietly putting their money where their mouths are.
On-chain analytics from Santiment show a fresh wave of accumulation among “whales”: wallet addresses holding between 100 and 100,000 ETH have increased over the past two days, buying roughly 756,950 ETH during that short span. That buying surge has coincided with the token’s recent price bounce, suggesting large investors are using the rally to add exposure.
Meanwhile, retail-sized wallets are moving in the opposite direction. Addresses holding under 0.01 ETH — the so-called “shrimps” — have reduced their holdings by more than 0.9% since mid-December. The divergence underscores a shift in market confidence: deeper-pocketed players appear more bullish while smaller holders grow cautious.
Concentration of supply into large holders can have real market effects. If accumulation by whales continues, it may tighten available supply and amplify upside pressure on ETH in the near term.
The wave of whale buying also follows upbeat comments from Tom Lee, CEO of Bitmine Immersion, who said the auction is in the final stages of a “mini crypto winter.” His remarks have helped feed a more positive narrative as institutional commentary and on-chain behavior begin to align.
Bitmine itself has been an active buyer. The firm acquired 65,341 ETH over the past week — a noticeable step up from prior weekly buys that averaged 45,000–50,000 ETH. Lee noted Bitmine has maintained the increased buying pace for three straight weeks. As of March 23, Bitmine holds about 4.661 million ETH, roughly 3.86% of circulating supply, making it the largest Ethereum treasury firm and the second-largest corporate treasury globally behind Michael Saylor’s Strategy (reported at 761,068 BTC, valued at $52 billion).
What to watch next: continued whale accumulation, changes in supply concentration, and whether institutional buying and on-chain signals translate into sustained price momentum for Ethereum.
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