Ethereum whales have accumulated more than 930,000 ETH in three weeks, and retail sellers have sold them as a booster

Santiment’s latest on-chain data shows that the Ethereum market has seen a clear position divergence in the past three weeks: whales and medium-sized holders have increased their holdings by a total of 934,240 ETH, while retail investors have sold a net of 1,041 ETH during the same period. This structural difference is reshaping ETH’s supply and demand landscape and driving a gradual price recovery.

The data shows that the number of addresses holding 100 to 100,000 ETH has continued to increase since early December, and the cumulative trend of this group coincides with the decline in ETH volatility, the slowdown in decline, and the rebound. The Ethereum price subsequently rose as a large number of buying orders entered the market, indicating that the actions of large holders are clearly supporting the price.

In contrast, retail wallets holding less than 10 ETH have shown a sustained sell-off trend over the past week, accumulating a net sale of 1,041 ETH, leading to a decline in their overall open interest. This short-term behavior of retail investors further exacerbates changes in market liquidity, making whale accumulation more influential.

On-chain analysts pointed out that historically, when large holders accumulate funds and retail investors choose to reduce their positions, it often means that the market is about to experience a short-term price reversal or upward trend. The current continuous layout of whales is seen as more strategic accumulation than speculative trading, indicating that confidence in Ethereum’s medium- and long-term trend is increasing.

Market analysis points out that the imbalance between supply and demand caused by this accumulation model is reflected in the current ETH price structure. As long as the trend of whales increasing their holdings remains stable, ETH may continue to maintain the rhythm of the rebound and provide short-term support to the market.

Overall, the stark contrast between whales and retail investors is shaping a new market driver for Ethereum, and the next stage of ETH price trends will depend highly on whether this accumulation trend can continue.