Ethereum Price Falls, But Whales Push Holdings To 10-Week High

On-chain data shows large wallets on the Ethereum network have continued to accumulate despite the price decline that the asset has faced.

Now, here is a chart that shows the trend in the total supply held by these Ethereum mega whales over the last few months:

From the chart, it’s visible that these humongous ETH investors now hold a total of 17.41 million tokens, the highest in around nine weeks. In supply percentage terms, their holdings occupy a share of 22.03%, which is a 10-week high.

The fact that the massive Ethereum whales have been adding to their holdings recently can naturally be a positive sign for the cryptocurrency, but something to keep in mind is that the supply of this group has still followed an overall decline since Q4 2025. Considering this, it only remains to be seen whether the current trend will continue for long enough to reverse this drawdown.

As is apparent in the graph on the right, the Bitcoin whales saw their supply go up during January and February, but since then, their 30-day supply change has dropped off to neutral levels. At the same time, the smaller dolphin group (displayed on the left) has also been pulling back on its accumulation. “Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow,” explained CryptoQuant.

Following a drop of more than 6% over the past week, Ethereum has found itself back under the $2,000 level for the first time since late-March.