Ethereum whales now hold 43% of total supply
Whales hold nearly 45% of Ether’s circulating supply, while retail investors control about 48%
Ethereum has seen a notable shift in ownership, with large holders, known as ‘whales,’ now controlling 43% of all ETH. This surge in whale supply comes during a tough period for the cryptocurrency, which has struggled to gain momentum. Despite becoming the second crypto-based ETF to be approved in the United States earlier this year, Ethereum’s price has dropped by more than 15% in the last month, currently at $2,288.
The increasing whale dominance is largely due to the Shanghai upgrade, with large holders accelerating their accumulation of ETH since 2019. According to data from IntoTheBlock, whales now hold nearly 45% of the circulating Ether supply, while retail investors—those holding less than 0.1%—control around 48%. This creates a clear divide between everyday investors and large holders.
The implications for Ethereum’s price remain uncertain. While some hope that the whale interest could drive the value upwards, others are concerned that having two dominant extremes—whales and retail—could limit flexibility in the market, leaving Ethereum vulnerable to price swings.
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