On-chain data shows that gigantic wallets on the Ethereum network continue to accumulate despite the price decline that the asset has experienced.

Ethereum holders with at least 100,000 ETH now control 22% of the supply

According to data from an on-chain analytics company SaintlyEthereum investors holding at least 100,000 ETH have recently accumulated. At current exchange rates, the 100,000 ETH cap translates to almost $200 million, so the only holders who would qualify for this cohort would be those with massive money.

In fact, the amount of money held by members of this group is so significant that it qualifies as gigantic even among whales, a popular classification group for influential investors.

Here is a chart showing the trend of the total supply of these Ethereum mega whales over the last few months:

As shown in the chart above, Ethereum investors holding over 100,000 ETH have collectively added a net amount to their portfolios since the beginning of May. Interestingly, this accumulation trend continued despite the bearish turn the market took in the second half of this month.

From the chart, we can see that these huge ETH investors currently hold a total of 17.41 million tokens, the highest in about nine weeks. In terms of percentage of supply, their farms occupy 22.03%, which is the highest result in 10 weeks.

The fact that massive Ethereum whales have recently added to their holdings can of course be a positive sign for the cryptocurrency, however, it is crucial to remember that the supply of this group is still showing an overall decline as of Q4 2025. With this in mind, it remains to be seen whether the current trend will continue long enough to reverse this decline.

In related news, a network analytics company CryptoQuant also released some data on gigantic holders, this time for the Bitcoin network.

As you can see in the chart on the right, bitcoin supply increased in January and February, but since then its 30-day supply change has dropped to neutral. At the same time, a smaller group of dolphins (shown on the left) also withdraw from the accumulation. “Historically, when both cohorts stopped at the same time, there was usually permanent price weakness,” CryptoQuant explained.

ETH price

After falling more than 6% over the past week, Ethereum is back below $2,000 for the first time since tardy March.