Whale sentiment in the Ethereum market has reached a 6-month high, with addresses holding 1,000-10,000 ETH increasing their positions. This surge in whale activity has led to a significant shift in Ethereum’s ownership landscape, with whale addresses now controlling approximately 43% of the total ETH supply. This marks a sharp increase from a 22% share in early 2023, according to data from IntoTheBlock.
In the past week alone, large holders have accumulated over 330,000 ETH, valued at more than $1 billion. Many of these whales are taking advantage of staking opportunities to strengthen their positions and leverage their holdings for strategic positioning ahead of potential market movements.
A closer look at the behavior of whale addresses holding between 1,000-10,000 ETH reveals a concentration pattern that has reached its highest levels since August 2024. Despite market volatility, these addresses have maintained consistently high sentiment, indicating a strong conviction in their accumulation strategy.
The recent surge in whale addresses coincides with Ethereum’s price stability above $3,000, reflecting a strategic approach to accumulation. Institutional staking participation has also been on the rise, further solidifying the trend of concentrated ownership in the Ethereum ecosystem.
Meanwhile, Ethereum’s staking rate has shown resilience, climbing from 26.25% in early 2024 to 28.4% at present. This increase has persisted despite significant price fluctuations, with over 34 million ETH currently staked. Data from Dune Analytics reveals a highly concentrated staking ecosystem, with Coinbase, Binance, and Kraken leading centralized exchange staking, and Lido dominating the liquid staking sector.
The convergence of whale accumulation and staking concentration raises important questions about market dynamics, with concerns about market manipulation risks and network decentralization. While institutional involvement brings stability and legitimacy to the market, the growing concentration of power could impact market liquidity and price discovery mechanisms.
In conclusion, the aggressive accumulation by whales and the concentration of staking positions indicate a maturing market structure. Institutional players are establishing long-term strategic positions, shaping the future of Ethereum’s market dynamics.