Headline: Mega-Whales Bulk Up on Ethereum Despite Price Slide — They Now Control 22% of Supply
Large Ethereum wallets have been quietly accumulating ETH even as the market has softened, on-chain data shows.
Key points
- Santiment reports investors holding at least 100,000 ETH — roughly a $200 million position at current rates — have increased their collective holdings since early May.
- Those wallets now control about 17.41 million ETH, equal to roughly 22.03% of total supply — the largest share in about nine to ten weeks.
- The accumulation has persisted through a recent market pullback, but the cohort’s overall supply has still trended downward since Q4 2025, so it’s unclear if this rebound marks a durable reversal.
What the numbers mean
Santiment’s 100k+ ETH cohort represents the biggest institutional and whale-level holders — not typical retail addresses. Their recent buying, especially during a period of price weakness, can be interpreted as a bullish signal: large holders appear confident enough to add exposure. That said, because this group’s supply has been declining since late 2025, the current uptick will need to continue to erase that drawdown and meaningfully affect market dynamics.
Bitcoin context
On-chain analytics firm CryptoQuant flagged a parallel development on Bitcoin: whale holdings rose in January and February but have since flattened, with 30-day supply change dropping to neutral. Smaller “dolphin” holders are pulling back on accumulation as well. CryptoQuant warns that when both cohorts stall at the same time, it has historically preceded sustained price weakness.
Market snapshot
Ethereum has lost more than 6% over the past week and slipped back below $2,000 — its first return under that threshold since late March.
Bottom line
Big-money ETH holders are buying into the dip, taking their share of supply to multi-week highs. Whether this accumulation is the start of a broader re-accumulation cycle or a short-lived tactical move remains to be seen; traders should watch continued flows from these cohorts alongside price action for clearer signals.
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