Analysts often consider whale selling a bearish signal. Recent data suggests that the number of addresses holding more than 100,000 ETH has decreased as the price of ETH has risen.
According to Alphractal, the number of whale addresses has dropped from over 200 in 2020 to around 70 in 2025, marking its lowest level in nearly a decade. However, looking at the number of "shark" wallets that hold between 10,000 and 100,000 ETH gives a more complete picture. Recent data indicates that the number of addresses holding more than 100,000 ETH has decreased as the price of ETH has risen.
In August, shark wallets increased from about 900 to over 1,000. This growth came amid a wave of Ethereum accumulation, driven by the strategic reserves of publicly listed companies.
João Weidson, founder of Alphractal, explained that the decline of whales holding over 100,000 ETH does not significantly impact prices. Instead, medium-sized addresses — the "sharks" — are the real force to watch.
Weidson explained: "But before you say 'this is bearish', remember: the same thing is happening with Bitcoin. Historical on-chain data shows that true holders often possess fewer coins, while the real price movers are the medium-sized players — the 'sharks'.
