Ethereum fell below $2,000 for the first time since late March this week, dropping more than 6% in the past seven days. But the biggest holders aren't running — they're buying. Whales holding at least 100,000 ETH now control 22.03% of the total supply, a 10-week high.
Whale supply hits 10-week high
These mega-whales collectively hold 17.41 million ETH, the most in about nine weeks, according to on-chain data. That's a big jump from the trend earlier this year. Overall supply held by this group had been declining since Q4 2025, but that slide has reversed sharply in May.
Accumulation defies the downturn
The buying started at the beginning of May and hasn't let up, even as the broader market turned bearish in the second half of the month. The accumulation is happening right alongside the price decline — a divergence that suggests these large holders see current levels as a discount. Whether that's enough to prop up the market is another question.
Bitcoin whales stall
The picture on the Bitcoin side looks different. BTC whales saw their supply rise through January and February, but their 30-day supply change has since dropped to neutral. The smaller dolphin cohort has also pulled back on accumulation. According to CryptoQuant, when both groups stall like this, sustained price weakness has tended to follow.
So you've got two stories running at once: Ethereum whales loading up, Bitcoin whales hitting pause. The unanswered question is whether the ETH buying can hold off the broader drag, or if the BTC stalling is a warning that this dip has further to go.
