Why is Ethereum’s price falling despite whale accumulation?

Ethereum has fallen more than 6% over the past week and dropped below $2,000, even as large investors continued buying. This suggests broader market weakness and risk-off sentiment are outweighing the positive impact of whale accumulation in the short term.

What are Ethereum whales buying according to Santiment?

Santiment data shows wallets holding at least 100,000 ETH have been steadily accumulating since the start of May. These wallets now collectively hold 17.41 million ETH, representing 22.03% of Ethereum's circulating supply.

Why does whale accumulation matter for Ethereum investors?

Large investors often have significant market influence because of the size of their holdings. When whales accumulate during price declines, it can signal confidence in Ethereum's long-term prospects, although it does not guarantee an immediate price recovery.

How much of Ethereum’s supply do mega whales control?

Ethereum holders with at least 100,000 ETH now control approximately 22.03% of the total supply. This is the highest concentration held by this group in about 10 weeks.

Is whale buying a bullish signal for Ethereum?

Generally, whale accumulation is considered a positive indicator because it suggests large investors are increasing exposure during weakness. However, the article notes that overall whale holdings have still trended lower since the fourth quarter of 2025, so the longer-term trend remains uncertain.

Why are Ethereum whales buying while the price is declining?

Large investors often accumulate during market pullbacks when prices are lower. This strategy allows them to build positions before potential future recoveries, although it remains unclear whether current buying will continue.

What does Ethereum falling below $2,000 mean?

The move below $2,000 is psychologically significant because it marks the first time Ethereum has traded beneath that level since late March. Traders often watch round-number price levels closely as potential support or resistance zones.

What is happening with Bitcoin whale activity?

According to CryptoQuant, Bitcoin whales increased their holdings during January and February, but accumulation has since slowed to neutral levels. Smaller large-holder groups, known as dolphins, have also reduced their buying activity.

Image for illustrative purposes only. Not a real photo.

Ethereum mega whales lift holdings to 10-week high

Written by Liezl GambePublished May. 30 2026

Ethereum’s largest investors have continued accumulating tokens despite a recent market downturn, pushing their collective holdings to a 10-week high as the cryptocurrency slipped below the $2,000 mark.

Data from on-chain analytics firm Santiment showed wallets holding at least 100,000 ETH, worth nearly $200 million at current prices, increased their combined holdings to 17.41 million ETH during May.

The group now controls 22.03% of Ethereum’s circulating supply, the highest share in about 10 weeks, indicating some of the network’s largest holders have remained buyers even as prices weakened.

Santiment data showed accumulation by these mega whales continued throughout the second half of May despite a broader bearish turn in the cryptocurrency market that pushed ETH lower.

While the recent buying trend may be viewed as a positive signal for Ethereum, holdings among this cohort have generally trended lower since the fourth quarter of 2025, leaving uncertainty over whether the latest accumulation phase can reverse that longer-term decline.

Separate data from CryptoQuant indicated Bitcoin whale accumulation has slowed to neutral levels after strong growth earlier this year, while smaller "dolphin" investors have also reduced their buying activity.

CryptoQuant said:

“Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow,”

While Ethereum traded below $2,000 after falling more than 6% over the past week, its lowest level since late March.

At the time of reporting, Ethereum price was $2,014.43.