Ethereum's Distribution Alters with Retail Investors Exiting and Large-Scale Investors Amassing Holdings

In the dynamic world of cryptocurrency, Ethereum (ETH) has been a standout performer, with a unique trend emerging in recent years. Despite large investors increasing their holdings and significant whale activity, the price line of Ethereum has remained surprisingly flat.

This trend, however, does not indicate a lack of movement within the Ethereum ecosystem. A closer look reveals a redistribution process, with Ethereum becoming more concentrated into larger entities. The number of wallets holding between 100 and 1,000 ETH has decreased, while the number of wallets holding larger amounts, particularly those with 10,000 to 100,000 ETH, has seen notable growth. These wallets have even reached multi-year highs, with a continuous increase since 2024.

The growth in larger wallets can be attributed to several factors. Institutional investors, including Wall Street firms like BlackRock, significantly increased their Ethereum holdings between 2024 and 2025. Fund holdings rose from 3.62 million ETH in December 2024 to 6.1 million ETH in 2025, a 68.4% increase. This surge was largely driven by institutional demand and the participation of firms like BlackRock, which launched its tokenized BUIDL fund on Ethereum in 2024. BlackRock's Ethereum ETFs attracted $3.9 billion in inflows in August 2025 alone, reinforcing Ethereum's role as Wall Street’s blockchain of choice.

The activity of super-whales, those holding more than 100,000 ETH, has also contributed to this trend. Known whale transactions have shifted billions of ETH from Bitcoin into Ethereum positions on Hyperliquid. Large inflows from exchange-traded funds have also supported the rise in balances containing between 10,000 and 100,000 ETH on Hyperliquid.

Interestingly, wallets containing 1,000 to 10,000 ETH have remained relatively stable, showing no sharp upward or downward trend. This suggests a balance in the market, with large inflows being offset by other factors. Despite the strong whale accumulation and ETF inflows, Ethereum's price has remained unchanged, indicating a resilient market.

In conclusion, Ethereum's trend illustrates a shift towards a more concentrated market, with Ethereum being accumulated by larger entities. This shift is driven by institutional investment and whale activity, particularly on Hyperliquid. Despite this, Ethereum's price has remained stable, demonstrating the cryptocurrency's resilience in the face of significant market movements.