Do whales in Ethereum pose a significant threat to its price?
Ethereum continues to struggle below the $2,000 mark, a level it has not reclaimed since March 28, as bearish momentum persists across both technical indicators and on-chain data. Despite attempts to stabilize, recent data reveals a rising concentration of ETH among whale wallets, alongside ongoing weakness in trend indicators such as EMA lines.
Whale holdings of ETH have reached their highest level in 9 years, raising concerns about centralization.
The amount of ETH held by whale addresses - wallets that control more than 1% of the total circulating supply - has reached its highest level since 2015, standing at 46%.
This represents a significant shift in Ethereum ownership data, as whales surpassed individual investors' holdings on March 10 and have continued to increase their share since then. In comparison, addresses at the investor level, holding between 0.1% and 1% of the supply, and retail wallets, holding less than 0.1%, have seen a decline in their share of ETH.
Whales holding between 1,000 and 100,000 ETH now control $59 billion.
Excluding addresses that hold more than 100,000 ETH - typically associated with centralized exchanges - whale addresses holding between 1,000 and 100,000 ETH now control about $59 billion worth of ETH, representing approximately 25.5% of the circulating supply.