Ethereum’s Largest Wallets Now Control Over 22% of Supply Amid Fresh Accumulation Wave

Ethereum’s biggest holders appear increasingly active again.

Ethereum (ETH) briefly plunged below the $2,000 threshold this week for the first time since March 29. While the price has since stabilized and is currently trading near $2,002, it still remains almost 60% below August’s high of nearly $5,000.

But data suggest that ETH’s largest whales are accumulating again

ETH Whales Tighten Grip on Supply

Wallets holding at least 100,000 Ethereum now collectively own 17.41 million ETH, the highest level in nine weeks. These holdings account for 22.03% of Ethereum’s total supply and mark a 10-week high.

The latest findings come after Santiment reported that the asset’s fall below $2,000 triggered a wave of “buy the dip” calls from retail traders. According to the analytics firm, crypto markets typically react to sharp declines in two ways: either fear takes over, and traders begin abandoning the asset, or optimism grows as traders view lower prices as a buying opportunity.

The second reaction appeared to be dominating sentiment around ETH despite the recent weakness, which essentially meant that retail traders were increasingly confident that the decline represented a discounted entry point rather than a warning sign of deeper downside.

However, Santiment warned that excessive optimism from the crowd has historically been a bearish signal, as retail traders often misread market direction during volatile periods. The firm went on to add that a stronger buying opportunity may emerge once the current FOMO fades and sentiment shifts toward panic, which it described as a more typical setup seen near market bottoms.

Downside Targets

Bearish technical signals have not completely disappeared from the market. Crypto analyst Ali Martinez, for one, said Ethereum could see accelerated downside pressure if it records a weekly close below the $1,850 level.

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Based on the broader channel structure, Martinez identified two potential downside targets following the rejection. The first target stands around $1,560, which he described as interim structural support, while the second target sits near $1,070, which marks the lower boundary of the crypto asset’s multi-year range.