A significant divergence in Ethereum investor behavior has emerged, with large holders accumulating substantial amounts while smaller investors take profits during a period of sideways price movement. This trend underscores growing institutional confidence in Ethereum’s long-term prospects.
Wallets holding between 1,000 and 100,000 ETH increased their collective holdings by 1.49 million ETH, representing a 3.72% rise over the past month. These ‘whale’ wallets now control nearly 27% of Ethereum’s circulating supply.
Activity from these large holders surged within Ethereum’s decentralized finance (DeFi) and layer 2 ecosystems. Transactions involving Ethereum Name Service (ENS) saw a notable 313.5% increase, while interactions with lending protocols jumped by 203.8%.
This accumulation coincides with sustained institutional interest reflected in US-based spot Ethereum ETFs. These funds recorded a 19-day streak of net inflows totaling $1.37 billion, primarily driven by BlackRock’s iShares Ethereum Trust ETF, before experiencing a modest outflow of $2.1 million.
Separately, SharpLink Gaming’s shares experienced a sharp 73% decline following a filing to register shares for resale, an action linked to its Ethereum treasury plans. The company clarified that this filing represents a standard procedural step.
The contrasting actions – whale accumulation versus retail profit-taking – highlight Ethereum’s expanding role in sophisticated investment portfolios and DeFi applications, signaling stronger institutional conviction.