Ethereum Whale Wallet Count Climbs as Institutional Demand Soars
Over 200 new Ethereum wallets holding at least 10,000 ETH emerged since early July, driven by aggressive whale accumulation.
The number of addresses holding more than 10,000 Ether increased by over 200 since early July. Arkham Intelligence reported that a single address currently holds 79,461 ETH, valued at about $282.5 million, after making roughly $300 million of OTC purchases from Galaxy Digital over the past three days. These counts include addresses held by exchanges, custodians and exchange-traded products, which have been aggressively accumulating.
BlackRock's iShares Ethereum Trust ETF received $1.7 billion in inflows over ten consecutive trading days. On-chain ETF holdings of Ether jumped more than 40% in the past month, according to Dune Analytics data.
Ether's price dipped below $3,400 over the weekend before recovering to around $3,560 by August 4. The price decline created opportunities for large holders to increase their positions at lower levels.
While the labor market's cooling trend initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind as liquidity expectations shift,
said Monika Mlodzianowska, director of strategic partnerships at CoinW exchange.
Ether has posted negative returns in August during recent years. The token recorded double-digit losses in both 2023 and 2024 but gained 35.6% in August 2021 during a bull market year, according to CoinGlass tracking.
The Ethereum network launched in July 2015 and pioneered smart contracts and decentralized applications. The network's transition to Proof-of-Stake and reduced token issuance attracted large investors by improving security and decreasing inflationary pressure.
Whale accumulation patterns draw close attention from traders as potential signals for price movements. Large wallet activities often influence short-term volatility in the market. The recent buying activity occurred as institutional products continue gaining traction and mainstream adoption grows.
Related: Bitcoin Is Digital Gold, But Ether Is the New Cisco
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