Highlights: Ethereum remains below $2,000 as bearish EMAs and shrinking retail participation weigh on market sentiment. Whale wallets now hold 46% of ETH supply, the highest level since 2015, raising concerns over centralization risks.

Hifi Tech India

ETH Whale Holdings Hit 9-Year High, Raising Centralization Concerns

The amount of ETH held by whale addresses—wallets controlling more than 1% of the total circulating supply—has reached its highest level since 2015, sitting at 46%.This marks a significant shift in Ethereum’s ownership data, as whales surpassed the holdings of retail investors back on March 10 and have continued to grow their share since. In comparison, investor-level addresses, which hold between 0.1% and 1% of supply, and retail wallets, which hold less than 0.1%, have both seen declines in their share of ETH.

The jump from 43% to 46% in just a few months reflects a sharp accumulation trend among the largest holders, suggesting a growing concentration of ETH in fewer hands.

Whales typically represent institutional investors, funds, or early adopters, and their behavior can significantly impact price due to the volume they control. Investor-level addresses often reflect high-net-worth individuals or smaller institutions, while retail addresses include everyday traders and holders.

While some might see the rise in whale holdings as a vote of confidence, it also increases the risk of sudden volatility if large holders begin offloading.With retail and investor participation shrinking, the market may become more fragile and vulnerable to sharp, unexpected price movements driven by a few dominant players.

Whales Holding 1,000 to 100,000 ETH Now Control $59 Billion

Analyzing the ETH Holdings Distribution Matrix reveals concerning signs of deepening concentration.

When excluding addresses with over 100,000 ETH—typically linked to centralized exchanges—whale addresses holding between 1,000 and 100,000 ETH now control roughly $59 billion in ETH, representing around 25.5% of the circulating supply.

This group has steadily accumulated more of the network’s supply, reinforcing a power shift toward large entities operating outside of exchanges but still commanding immense influence over the market. Recently, Galaxy Digital moved $100 million in Ethereum, raising questions about whether it was a strategic shift or a sell-off signal.Still, a bullish reversal is not entirely out of the question. If buying pressure returns and Ethereum reclaims short-term momentum, it could test the resistance level at $1,669.