Ethereum whale addresses hold 10K+ ETH, and the number has surged

Amid a renewed wave of whale funds accumulation, the number of Ethereum accounts holding at least 10,000 ETH (about $37 million) has increased dramatically.
Ali Martinez, a well-known blockchain analyst, first drew public attention to this bullish trend and confirmed that sentiment among whales has quickly turned to the upside. This sudden shift occurred despite Ethereum’s continued struggle with the $3,800 price level.
The shift from distribution to accumulation
Martinez cited data from Glassnode showing a significant change in the number of Ethereum’s largest whale addresses, suggesting that the distribution trend that has persisted since the beginning of the year has ended. Instead, super-large whales began to accumulate more tokens.
The chart shows that the number of addresses holding at least 10,000 ETH (about $378,000) has been declining since the first quarter of this year. The decline continued until May 20, when the number fell below 1,000. Now, these addresses continue to increase, surpassing the 1,000 mark and reaching levels not seen since mid-April.
A breakdown of Ethereum whale addresses
Data from IntoTheBlock provides additional insights into these wallets. As shown in the figure below, the number of addresses holding 10,000 to 100,000 ETH has increased to 1,000. Notably, according to data from May 25, the number was 980, showing an increase of 20 addresses in four days.

Number of Ethereum Holding Addresses | IntoTheBlock
However, in a counter-trend, the number of addresses holding between 100,000 and 1,000,000 ETH has dropped from 98 on May 25 to 95 currently. Meanwhile, the number of wallets holding more than 1,000,000 ETH (about $3.8 billion) remained stable at 6.
The contrast in trends shows that while the larger whales are decreasing in number, the smaller whales are increasing in number at a faster rate. Interestingly, data from Santiment confirms that while the number of wallets holding between 100,000 and 1,000,000 tokens has declined, their cumulative balances have seen a significant increase.
As of May 29, these addresses held 19.67 million ETH. However, current data shows that they now hold 21.03 million Ethereum. The change shows that these wallets accumulated 1.36 million ETH tokens worth $5.1 billion in a single day.

Ethereum whales holding more than 10,000 ETH | Santiment
While addresses holding 10,000 to 100,000 ETH and addresses holding 10,000,000 to 100,000,000 tokens also accumulated more tokens during the same time period, their balance increases were slower than those of addresses holding 100,000 to 1,000,000 ETH.
Whale wallets received 1 million ETH in 3 weeks
As a result of this accumulation wave, wallets holding at least 10,000 ETH now hold 100.84 million tokens, or 84% of Ethereum’s circulating supply. On May 10, the number was 99.8 million, indicating that these addresses have accumulated a total of 1 million ETH in the past three weeks.
Meanwhile, Ethereum has failed to firmly surpass the $3,800 price threshold. Ethereum had previously broken through this level, driven by news about over-the-counter traded funds (ETFs), but encountered resistance in the $3,900 area. The subsequent pullback pulled it back below $3,800 and it is currently quoted at $3,789.
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