The concentration of Ethereum (ETH) among large wallet holders is increasing as whales and institutional players continue to buy the second-largest cryptocurrency at an aggressive pace. Fresh on-chain data has also revealed a striking shift in the asset’s supply distribution. Currently, almost a quarter of Ethereum’s supply is now controlled by these large players, suggesting that accumulation by whales has continued despite recent price declines and market volatility.
Over 22% Of Ethereum Supply Now Controlled By Whales
On May 28, on-chain analytics platform Santiment posted fresh data on Ethereum’s supply distribution and whale concentration on X. According to the report, whale wallets with at least 100,000 ETH now collectively hold a staggering 17.4 million tokens, indicating a renewed accumulation trend among major investors.
Santiment noted that this represents the highest number of ETH held by this group of whales in the past nine weeks, suggesting that large players and institutions are aggressively increasing their buying activity as prices continue to decline. Notably, the total value of each ETH whale wallet has surged to approximately $35 billion based on recent market prices.
Moreover, the share of Ethereum’s supply held by these whales has reached a whopping 22.03%, marking a supply distribution high not seen in as long as 10 weeks. This data highlights a growing dominance of a small group of large holders over Ethereum’s circulating supply, in contrast to the smaller holdings of retail investors.
Interestingly, Ethereum whale activity has been increasing since 2025, with investors taking advantage of lower prices and market swings to bolster their positions. However, sometime in 2026, Ethereum experienced a major distribution phase, as these same whales began selling off their cryptocurrencies. However, recent reports indicate this trend has since changed.
Not only are whales accumulating Ethereum directly, but according to CryptoQuant, exchange reserves have continued to decline into Q2 2026. This consistent outflow has contributed significantly to ETH’s reduced circulating supply, suggesting that whales are buying ETH and moving it to cold wallets for long-term holding.
ETH Buy Orders Surge As Whales Go Long
Currently, buy orders for Ethereum are still rising, as on-chain data shows strong confidence and renewed interest among large holders. Crypto analyst CW shared this latest development on X, noting that there have been virtually no sell orders from whales in recent days. He also said that the buy orders are effectively absorbing the selling volume from retail investors in the ETH market.
As this unfolds, whales appear to be going long on Ethereum, betting that it could increase soon. A recent market report by Crypto Rover shows that a large holder opened a staggering $25.6 million ETH long position with 25x leverage. Crypto Rover described this as an “insane gamble,” highlighting both massive confidence and extreme risk involved. The analyst noted that if Ethereum’s price drops by just $20, the whale’s entire position could be wiped out.
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