On-chain data shows that large Ethereum wallets have kept accumulating even as the asset’s price dropped. According to Santiment, an on-chain analytics firm, Ethereum investors holding at least 100,000 ETH have been buying more recently. At current prices, 100,000 ETH is worth nearly $200 million, so only big-money investors qualify for this group. In fact, these holdings are so large that they’d be considered big even among whales, the usual term for influential investors.
Here’s a chart showing how much supply these mega whales have held over the past few months:
As the chart shows, Ethereum investors with 100,000+ ETH have added to their holdings since the start of May. Interestingly, this accumulation continued even as the market turned bearish in the second half of the month. The chart reveals that these huge ETH investors now hold 17.41 million tokens in total, the highest in about nine weeks. In terms of supply percentage, that’s 22.03%, a 10-week high.
The fact that these massive Ethereum whales have been accumulating is naturally a positive sign for the cryptocurrency. However, it’s worth noting that this group’s supply has generally been declining since Q4 2025. So, it remains to be seen whether the current trend will last long enough to reverse that decline.
In related news, CryptoQuant, another on-chain analytics firm, shared data about large holders on the Bitcoin network. The chart on the right shows that Bitcoin whales increased their supply in January and February, but since then, their 30-day supply change has dropped to neutral levels. Meanwhile, the smaller “dolphin” group (shown on the left) has also slowed its accumulation. “Historically, when both groups stall at the same time, sustained price weakness tends to follow,” CryptoQuant explained.
As for ETH’s price, it dropped over 6% in the past week, falling back below $2,000 for the first time since late March.
Frequently Asked Questions
Here is a list of FAQs about Ethereums price dropping while whale holdings hit a 10week high
BeginnerLevel Questions
1 What does it mean when whale holdings increase
It means the largest Ethereum wallets have bought more coins and are holding onto them rather than selling
2 If whales are buying why is the price going down
Whales are just one group The price drop suggests that many smaller investors or shortterm traders are selling more ETH than the whales are buying The overall market selling pressure is higher
3 Is this a good sign or a bad sign for Ethereum
Its a mixed signal Its often seen as a neutraltopositive sign because whales usually buy when they believe the price will rise later However a price drop happening at the same time means the market isnt convinced yet
4 Should I buy Ethereum now because whales are buying
Not automatically Whale activity is just one data point You should consider your own financial situation risk tolerance and other market factors before making any investment decision
5 How do we know whales are actually buying Are they just moving coins
Analysts track blockchain data An increase in holdings in large nonexchange wallets strongly suggests accumulation not just moving
Intermediate Advanced Questions
6 What is the whale accumulation zone in crypto
Its a price range where large investors historically buy heavily because they see it as a good value The current data suggests ETH is in such a zone which often precedes a price recovery but not always
7 Could the price drop be caused by whales manipulating the market
Yes its possible Whales might be shaking out small holders by selling a small amount to drive the price down then buying back more cheaply However the data shows net accumulation so they are likely buying more than they are selling
8 How is a 10week high for whale holdings calculated
Analysts track the total ETH balance held by the top 100200 largest nonexchange wallets A 10week high means this total balance is higher today than it has been at any point in the last 10 weeks