Ethereum Whales Hit 9-Week High, Now Hold 22% of ETH Supply!

Ethereum's largest holders are making a decisive move against the trend. Wallets holding at least 100,000 ETH have accumulated a combined 17.41 million ETH — a nine-week high — even as prices have declined, according to on-chain analytics firm Santiment. That cohort now controls roughly 22% of the entire circulating ETH supply.

The pattern is a classic accumulation signal: whales absorbing sell pressure from smaller holders, compressing supply available on the open market. When this kind of concentration builds during a price drawdown, it historically precedes a reduction in liquid supply that can amplify upside when demand returns.

For traders watching ETH's near-term setup, the Santiment data adds a structural bullish underpinning to what has otherwise been a difficult price environment. The key question is whether retail sentiment catches up before the whales begin distributing.