Ethereum Whales Accumulate as Price Dips Below $2,000

Mega Whales Now Control 22% of Supply

According to data from on-chain analytics firm Santiment, Ethereum investors holding at least 100,000 ETH have been actively accumulating recently. At current exchange rates, that 100,000 ETH cutoff is worth nearly $200 million, meaning only the biggest players qualify.

The sums held by this group are so significant they are considered large even among whales—the usual term for influential investors.

A chart from Santiment shows the trend in total supply held by these mega whales over recent months. Since the start of May, these holders have collectively added to their positions. Interestingly, this accumulation continued despite the market’s bearish turn in the second half of the month.

These massive ETH investors now hold a total of 17.41 million tokens, the highest in about nine weeks. In percentage terms, their holdings represent 22.03% of the total supply, a 10-week high.

While this accumulation is a positive sign for Ethereum, the supply held by this group has still followed an overall decline since Q4 2025. It remains to be seen whether the current trend lasts long enough to reverse that drawdown.

Bitcoin Whales Stall Too

In related news, on-chain analytics firm CryptoQuant shared data on large Bitcoin holders. Bitcoin whales saw their supply rise during January and February, but their 30-day supply change has since dropped to neutral levels. Meanwhile, smaller “dolphin” investors have also pulled back on accumulation.

“Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow,” CryptoQuant explained.

Ethereum has dropped more than 6% over the past week, falling back under the $2,000 level for the first time since late March.

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