In recent months, Ethereum’s supply has seen a notable shift in how large amounts of ETH are distributed among wallets. Specifically, the number of addresses holding more than 100,000 ETH — often called “whales” — has dropped significantly.
Surprisingly, this trend has not raised major concerns among ETH investors or analysts.
The Decline of Ethereum Whales and the Rise of Sharks
Recent data shows that the number of addresses with over 100,000 ETH has declined as ETH’s price surged.
According to Alphractal, the number of whale addresses has fallen from more than 200 in 2020 to around 70 in 2025, which is now at its lowest level in nearly a decade.
Ethereum Addresses with Balance >100K ETH. Source: Alphractal
Normally, analysts view whale selling as a bearish signal. However, looking at the number of “shark” wallets holding between 10,000 and 100,000 ETH gives a more complete picture.
Ethereum Addresses with Balance Between 10k – 100K ETH. Source: Alphractal
In August, shark wallets increased from about 900 to over 1,000. This growth came amid a wave of Ethereum accumulation, driven by strategic reserves of publicly listed companies.
Joao Wedson, founder of Alphractal, explained that declining 100,000+ ETH whales does not significantly impact prices. Instead, mid-sized addresses — the “sharks” — are the real force to watch.
“But before you say “that’s bearish,” remember: the same thing also happens with Bitcoin. On-chain historical data shows that the true diamond-handed holders often own fewer coins, while the real price drivers are the mid-sized players — the “Sharks.”” Wedson explained.
He added that large wallets often belong to exchanges or early adopters, and some may have lost access due to long periods of inactivity or security issues.
Over the past month, ETH accumulation has transferred supply to a new generation of sharks. Their active buying signals stronger confidence in Ethereum’s long-term value.
How Ethereum Accumulation Is Reshaping Holders
Strategic ETH Reserve data shows that companies and ETH ETFs have accumulated 10.2 million ETH so far, worth $39.48 billion. This accumulation trend has accelerated since July.
The result is a clear shift in Ethereum’s holder structure. CryptoQuant data reveals that while the number of large investor wallets keeps hitting new highs, the number of retail wallets is steadily declining.
Ethereum Retail and Large Investor Holdings. Source: CryptoQuant.
Retail investors appear to be exiting Ethereum. Meanwhile, institutions continue to accumulate the asset.
“3 things the chart shows: Retail wallets dropped to 8.5M ETH – multi-year lows. Large holders climbed to 19.1M ETH, an all-time high. Price hasn’t caught up yet, but ownership shift is clear. Who do you think will be proven right this cycle – retail or whales?” analyst IT Tech commented.
Combining Wedson’s observations with those of IT Tech, it appears that institutional demand for ETH is resembling a black hole, drawing in supply from both exchange wallets and retail investors.
This growing demand could transform ETH into a more mature asset. At the same time, it challenges the network to maintain sustainable long-term value growth.
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