Large Ethereum holders, commonly known as whales, have significantly increased their share of the total ETH supply, hitting a nine-week high. According to on-chain analytics firm Santiment, wallets holding at least 100,000 ETH now collectively control 22.03% of all circulating Ethereum, totaling 17.41 million ETH. This accumulation has intensified as ETH price slipped below the psychologically important $2,000 mark, triggering caution among retail traders while whales seized the dip as a buying opportunity.
The divergence between retail sentiment and whale behavior is a recurring pattern. Santiment's data indicates that the current accumulation phase mirrors previous market corrections where large holders bought during price slumps, often preceding eventual rallies—though not guaranteed. However, the report also cautioned that technical bearish signals for Ethereum have not fully dissipated, and further downside remains possible.
In a specific instance of whale activity, on-chain analytics platform Onchain Lens reported that the entity known as Seven Siblings purchased 11,759 ETH (approximately $18.03 million) during the recent market dip. This entity has a history of accumulating Ethereum during price declines and currently holds around 10 million USDS (a stablecoin) ready for additional purchases, potentially complemented by further borrowing. The move reinforces the pattern of large investors deploying capital amid market weakness.
The rising concentration of ETH among a small number of wallets raises questions about centralization risks, as these whales now hold over one-fifth of the entire supply, giving them outsized market influence. For everyday investors, the takeaway is not to blindly follow whale activity but to recognize that large stakeholders are positioning for the long term. As always, external factors such as macroeconomic conditions, regulatory developments, and broader crypto sentiment will shape Ethereum's trajectory.
