Ethereum’s largest whale wallets now hold 57% of the total Ether (ETH) supply, marking an all-time high for whale dominance in the Ethereum ecosystem.
According to blockchain analytics platform Santiment, the top 104 whale wallets, each holding over 100,000 ETH, collectively control around $333 billion worth of Ether.
The accumulation trend among these large holders suggests growing confidence in the second-largest cryptocurrency by market cap.
Mid-Sized Holders Drop to Record Low
While the share of ETH controlled by whales has risen, mid-sized holders (wallets with 10 to 100,000 ETH) have seen their portion drop to a record low of 33.5%.
Smaller wallets holding less than 100 ETH now account for just 9.19% of the total supply, marking a near four-year low.
According to Santiment, this concentration of wealth could indicate that large players are positioning themselves for future gains.
“With the caveat that the #2 market cap is increasingly comprised of DeFi and staking wallets, it is still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating,” the firm wrote.
“Especially when it’s a 9 year-old asset with whales holding their highest ever portion of coins.”
There are currently 104 whale wallets holding at least 100K Ethereum. Their combined holdings currently sit at 57.35% of all existing ETH tokens, currently worth ~$333.1B.
Meanwhile, wallets with 100-100K hold their lowest ratio of supply in history, 33.46%. And sub-100 ETH… pic.twitter.com/9qDN3lotQy— Santiment (@santimentfeed) December 17, 2024
The development comes as Ethereum’s daily average of new wallet addresses hit 130,200 in December, the highest in eight months.
The surge in user activity coincides with Ether’s price recovery, as it reclaimed the $4,000 mark on December 7 for the first time since March.
ETH is currently trading at approximately $4,007, although it remains 17% below its all-time high of $4,891 reached on November 16, 2021.
Market analysts believe that Ethereum could surpass its all-time high in early 2025, fueled in part by the broader crypto market’s deleveraging in November.
“Bullish narratives are once again emerging,” said Santiment, pointing to both Ethereum’s price recovery and Bitcoin’s record-setting surge above $100,000 as key drivers of market sentiment.
The growing dominance of whale wallets raises questions about market control and centralization.
While large holders’ actions often influence market trends, proponents argue that their continued accumulation signals strong confidence in Ethereum’s long-term potential.
Critics, however, warn that increased whale dominance could reduce market liquidity and exacerbate volatility.
Ethereum Surpasses Tron as Top Blockchain for Tether
Last month, Ethereum reclaimed its position as the leading blockchain for Tether (USDT), surpassing Tron with a supply of $60.3 billion.
It marked Ethereum’s return to dominance for the first time since August 2022.
Ethereum solidified its lead on November 21, and the gap widened on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron.
Other blockchains in the USDT supply rankings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).
Tether maintains its position as the largest stablecoin globally, with a market capitalization of $132.3 billion.
It is followed by Circle’s USD Coin (USDC) at $39 billion. Ethereum also dominates USDC circulation, holding $26.3 billion or 67.5% of its supply.
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