This cohort of Ethereum whales accumulates a record 57.35% of the supply

Amid Ethereum’s rally this week, there has been a notable shift in its supply distribution. Large ETH wallets accumulate aggressively, reaching an all-time high in supply ownership. Mid- and small-cap portfolios hit all-time lows.

On the upside, institutional inputs and historical trends suggest that Ethereum has room for further growth despite market volatility.

Ethereum whales reinforce exploits

According to Santiment’s latest analysis, whale wallets with at least 100,000 ETH now own an all-time high of 57.35% of the total supply, which is worth about $333.1 billion. These 104 large wallets reflect growing confidence among Ethereum’s largest stakeholders as they continue to accumulate despite market volatility.

On the other hand, mid-level wallets holding between 100 and 100,000 ETH have dropped to their lowest supply ratio of 33.46%, while addresses with less than 100 ETH are at a low of almost four years of 9.19%. While the broader Ethereum ecosystem includes a growing number of DeFi and stake wallets, this trend generally indicates a long-term bullish outlook, the on-chain analytics platform said in its latest analysis.

For a mature nine-year asset like Ethereum, this sustained rally from key stakeholders suggests growing conviction and reduced selling pressure from whales, which often aligns with positive market sentiment throughout of time

The whale activity comes as the cryptocurrency broke another record that pushed its YTD gains to nearly 80%. It hit $4,106 on Monday before falling slightly to $4,020 at the time of writing. Despite this, the leading altcoin remains 22% below its all-time high of $4,878, set in November 2021, but experts suggest it could still have room for significant growth.

Room for growth

According to crypto analyst Ali Martinez’s update, Ethereum’s price movements are historically correlated with changes in long-term holder sentiment. In the last two bull cycles, ETH saw parabolic price rises as long-term holders entered the “greed” phase. These holders are currently in the early stages of the “believe” phase, which basically indicates that they are just starting to feel optimistic about the asset’s price potential.

However, this still seems far from the euphoric peaks that usually mark the beginning of explosive demonstrations. If history repeats itself, this suggests that Ethereum’s main upside move could still be on the horizon as long-term investor sentiment strengthens.

Adding to the positive momentum, Ethereum-based investment products have posted seven consecutive weeks of inflows. Data from CoinShares revealed that these products attracted a total of $3.7 billion during this period. Notably, $1 billion flowed last week, highlighting continued institutional interest and confidence.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!