Ethereum whales add $2B in ETH as holdings hit 10-week high

Ethereum whales holding at least 100,000 tokens accumulated 17.41 million ETH, the highest in 10 weeks, even as the price fell below $2,000.

Large holders have been adding to their positions since the start of May, according to on-chain analytics firm Santiment. The buying accelerated in the second half of the month as prices declined.

The cohort now controls 22.03% of the total ETH supply, a 10-week high. The accumulation comes as Ethereum traded around $1,950, down more than 6% over the past week and back below the $2,000 threshold for the first time since late March, CoinGecko data shows. The price drop erased gains from a brief rally in early May that pushed ETH above $2,200.

While the whale buildup shows conviction among the largest holders, the overall supply held by this group has been trending lower since the fourth quarter of 2025. Whether the current accumulation persists will determine if a price floor forms or if selling pressure resumes. A sustained increase in whale holdings could indicate that sophisticated investors view current prices as a buying opportunity.

The buying spree added roughly $2 billion to whale wallets, according to price data from the period. The move mirrors a pattern seen in Bitcoin, where CryptoQuant data shows long-term holder supply reached a record 15.8 million BTC — though the firm cautioned that the metric reflects an absence of new buyers rather than accumulation. Bitcoin traded around $73,500, roughly 10% below its recent highs.

Ethereum's supply dynamics differ from Bitcoin's. The concentration of tokens among mega-whales reduces circulating supply, which could create upward price pressure if demand holds steady. However, the broader downtrend in whale holdings since late 2025 suggests the current accumulation may be a tactical repositioning rather than a structural shift. Santiment data shows the 100,000+ ETH cohort has followed an overall decline since the fourth quarter of last year.

The divergence between whale behavior and price action creates an uncertain outlook. Large holders are showing confidence by adding exposure during a drawdown, yet the broader market continues to face headwinds from macroeconomic factors. The AI-driven rotation into equities has drawn capital away from crypto, while geopolitical tensions have pushed funds toward traditional safe havens such as gold and US Treasuries.

The next test for Ethereum comes as the market watches for a sustained hold above $2,000. A break below recent lows could test support near $1,800, while a recovery above $2,100 would signal renewed momentum. The weekly close on Sunday will provide the next directional cue, with traders watching for confirmation of the whale-driven floor or further downside.

This article is for informational purposes only and does not constitute investment advice.