Quick Takeaways
- An early Ethereum whale sold $60M in ETH after 11 years of gains.
- The top 1% of ETH wallets now control 97.6% of the circulating supply.
- U.S. spot ETH ETFs recorded strong inflows, showing renewed institutional demand.
Whales Boost Concentration Despite Market Volatility
Ethereum’s ownership structure is tightening. The top 1% of ETH wallets now control 97.6% of the circulating supply, the highest level in 12 months. This marks a jump from 96.1% last year and signals heavy accumulation during the market’s downturn.
Institutional inflows support this trend, as large players appear unwilling to sell even with uncertain market conditions.
ETF Inflows Signal Renewed Institutional Interest
U. S. spot ETH ETFs have logged four consecutive days of net inflow. Wednesday’s solo looks at $60 million in fresh capital to move into the market. Analysts look at ETF participation as one of the most authentic indicators of institutional conviction.
This renewed need has aline absolutely with whale accumulation, reinforcing a story of long-term assurance in Ethereum.
Another Whale Outset Realizing Historic Returns
While most whales conglomerate, an early Ethereum purchaser is cashing out. A pocketbook slept together as 0x2Eb transferred $60 million worth of ETH to exchanges this week.
The bearer devoted roughly $0.31 per ETH during the 2014 ICO, spending $79,000 to buy 254.00 ETH.
At further rent valuation, that position exceeds $757 million. Yet after recent sales, the wallet, however, controls around $9.3 million in ETH.
Is the Whale Selling a Red Flag?
Trader sentiment remains split. Some see this behavior as standard profit-taking after an 11-year hold. Others argue that early whale exits often precede corrections.
However, on-chain data shows no panic. The address has been distributing ETH slowly since September, with no indication of broader whale selling or rising exchange deposits.
Analysts See a Market Rebuilding Exposure
Nexo analyst Iliya Kalchev said investors are buying ETH “selectively.” He noted that positioning is driven by derivatives flows and ETF demand rather than speculative hype.
The upcoming Fusaka upgrade remains a catalyst to watch, but analysts say accumulation patterns reflect deeper structural conviction—not short-term headline chasing.
Conclusion
Ethereum’s supply dynamics point to a market entering an accumulation phase. One early whale may be exiting, but the rest of the network’s largest holders are increasing exposure.
With ETF inflows returning and concentration at a yearly high, Ethereum appears to be preparing for its next major cycle rather than topping out.