Ethereum whale dominance is at an all-time high, and it’s hard to ignore what this could mean for the future. It’s the highest it’s ever been so far. While smaller investors hold less than ever, whales are quietly accumulating more ETH. Is this a sign of another bull run or something else entirely?
The whales are in control
As of now, 104 wallets hold more than 100,000 ETH each. This is 57.35% of the total Ethereum supply, the highest level ever recorded. While these massive wallets are growing in power, mid-sized investors (those holding between 100 and 100,000 ETH) now control just 33.46%, the lowest share in history.
It’s not looking too good for small investors either. Wallets holding less than 100 ETH account for just 9.19% of the supply. That’s the lowest share since January 2021. The trend has been building since late 2022 when large investors started aggressively accumulating ETH. Clearly, whales are on to something and are playing the long game as whale dominance on Ethereum increases.
History shows that whales move the market
This is not the first time that whales have shaped the price of Ethereum. In late 2020 and early 2021, similar levels of whale accumulation kicked off a massive bull run that drove ETH to new highs. But there is another side to this. When whale dominance peaked in 2022, it was followed by a sharp price correction.
Whale activity doesn’t just happen — it’s usually a signal. ETH is currently trading at $4,015, with immediate resistance at $4,109. On the 4-hour chart, the closest 20-day moving average (MA) is at $3,931, and strong support is at $3,575, backed by the 200 MA.
Technical indicators show cautious optimism. The Relative Strength Index (RSI) is at 58.42, meaning ETH is not yet in overbought territory. However, the On-Balance Volume (OBV) at -44.94 reflects a level of hesitation among investors.
Money in, money out: investor analysis
A closer look at investor behavior adds more context. According to data from IntoTheBlock, 74% of Ethereum holders have held their assets for more than a year. Short-term holders break down as follows:
22% purchased ETH between 1 month and 12 months ago.
4% are new investors, who bought in the last month.
Profitability also paints a rosy picture. Right now:
94% of investors are making a profit.
3% are tied.
Only 3% are at a loss, mostly those who bought during Ethereum's all-time high (ATH) of $4,891 in November 2021.
However, there are still around 4.27 million addresses holding 1.21 million ETH in losses. Most of these losses occurred when ETH was purchased between $4,093 and $4,891 — not far from the current price level.
What's next?
So what does all this mean for the average investor? Well, it depends. On the bullish side, whales seem confident. They are buying Ethereum, especially during dips, and this usually signals long-term optimism. If this trend continues, ETH could rise to the $4,500 to $5,000 range.
But there’s also a risk. When a few wallets hold so much of the supply, the market becomes vulnerable. A coordinated liquidation by these whales could cause a sudden crash. It’s something to watch closely as the ETH story unfolds.
Either way, the dominance of Ethereum whales is a clear reminder: big players still have more power in this market.
