Only 104 people hold Ethereum (ETH) worth $333 billion: accounting for 57% of all tokens

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There are 104 wallets that hold at least 100,000 Ethereum, accounting for 57% of the total supply. The dominance of Ethereum whales has reached an all-time high. This amount is approximately $333.1 billion, raising questions about centralization issues, while also indicating that the largest holders are very confident. Historically, the accumulation by whales signifies long-term bullish sentiment.

When significant stakeholders increase their holdings, it usually indicates that they believe in long-term growth. This is especially true for Ethereum, which is an asset with a 9-year history, and a large portion of its supply is used in the ever-expanding DeFi and staking ecosystems. However, the overall distribution of supply presents a contradictory picture.

Wallets holding 100-100,000 ETH only account for 33-46% of the supply, which is the lowest proportion ever recorded. This group is shrinking as mid-level investors either sell their held ETH or merge their holdings into larger entities. Wallets holding less than $100 only own 9.19% of ETH, which is nearly the lowest level in four years, and these wallets are typically held by retail investors. This decline raises doubts about retail investor sentiment, as it suggests they may not be accumulating as aggressively as whales.

According to chart analysis, with increasing trading volume, Ethereum's price recently broke the $4,000 mark, indicating strong momentum. The story of whale accumulation aligns with this recovery. If whales control the supply, available liquidity may diminish, potentially driving prices up quickly. If any of these large wallets decide to sell, it could also increase the likelihood of price volatility. In terms of market performance, Ethereum's next resistance level is between $4,100 and $4,200, while its direct support level is between $3,700 and $3,800.

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