The number of Ethereum addresses with a balance of at least 10,000 ETH ($37 million) has surged recently, indicating a resurgence of accumulation among whales. Noted on-chain analyst Ali Martinez was the first to highlight this bullish trend, confirming that sentiments among whales have shifted to the upside despite Ethereum’s ongoing struggle to break the $3,800 price level.
Data from Glassnode reveals a significant shift in the mega-whale address count for Ethereum, suggesting that the previous trend of distribution has come to an end. Instead, mega whales are now accumulating more tokens. The chart shows a decline in the number of addresses holding at least 10,000 ETH since the first quarter of this year, reaching a low point below 1,000 on May 20. However, these addresses have been steadily increasing since then, surpassing the 1,000 mark again and reaching levels last seen in mid-April.
Further analysis from IntoTheBlock provides additional insights into these wallets. The chart shows that the number of addresses holding between 10,000 and 100,000 ETH has increased to 1,000. In just four days, there has been an addition of 20 more addresses. On the other hand, the number of wallets holding between 100,000 and 1 million ETH has decreased from 98 to 95. The number of wallets with balances greater than 1 million ETH remains unchanged at 6.
This contrasting trend reveals that while the larger whales have reduced in number, the smaller ones are increasing at a faster pace. Interestingly, Santiment data confirms that despite the drop in wallets holding 100,000 to 1 million tokens, their cumulative balance has significantly increased. These addresses held 19.67 million ETH on May 29, but now they hold 21.03 million Ethereum, indicating an accumulation of 1.36 million ETH worth $5.1 billion within a single day.
Although addresses holding 10,000 to 100,000 ETH and those with 10,000,000 to 100,000,000 tokens have also accumulated more tokens in the same timeframe, the increase in their balances is relatively lower compared to addresses holding between 100,000 and 1 million ETH.
As a result of this accumulation spree, wallets with at least 10,000 ETH now hold 100.84 million tokens, representing 84% of Ethereum’s circulating supply. This is an increase of 1 million ETH in the last three weeks. However, Ethereum has struggled to surpass the $3,800 price threshold decisively. Despite briefly breaching this level during the recent rally fueled by the spot ETF news, it faced resistance at the $3,900 zone and has since retraced below $3,800, currently trading at $3,789.
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