Ethereum Whales Accumulate to 10-Week High Despite Price Drop

On-chain data shows large wallets on the Ethereum network have continued to accumulate despite the price decline that the asset has faced.

According to data from on-chain analytics firm Santiment, the Ethereum investors owning at least 100,000 ETH have been accumulating recently. At the current exchange rate, this 100,000 ETH cutoff converts to nearly $200 million, so the only holders that would qualify for the cohort would be the big-money ones.

In fact, the sums held by members of this group are so significant that they would be classified as large even among the whales, the popular cohort for classifying influential investors.

Now, here is a chart that shows the trend in the total supply held by these Ethereum mega whales over the last few months:

As displayed in the above graph, the Ethereum investors with 100,000+ ETH have collectively added a net amount to their holdings since the start of May. Interestingly, this trend of accumulation has maintained despite the bearish turn that the market has taken in the second half of this month.

From the chart, it’s visible that these humongous ETH investors now hold a total of 17.41 million tokens, the highest in around nine weeks. In supply percentage terms, their holdings occupy a share of 22.03%, which is a 10-week high.

The fact that the massive Ethereum whales have been adding to their holdings recently can naturally be a positive sign for the cryptocurrency, but something to keep in mind is that the supply of this group has still followed an overall decline since Q4 2025. Considering this, it only remains to be seen whether the current trend will continue for long enough to reverse this drawdown.

In related news, on-chain analytics firm CryptoQuant has also shared some data related to large holders, this time for the Bitcoin network.

As is apparent in the graph on the right, the Bitcoin whales saw their supply go up during January and February, but since then, their 30-day supply change has dropped off to neutral levels. At the same time, the smaller dolphin group (displayed on the left) has also been pulling back on its accumulation. “Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow,” explained CryptoQuant.

Following a drop of more than 6% over the past week, Ethereum has found itself back under the $2,000 level for the first time since late-March.