Ethereum’s largest holders have quietly shifted the market narrative over the past three weeks. While retail traders panic-sold small amounts of ETH, whales and sharks accumulated nearly a million tokens — a move that has already helped stabilize price action and spark a rebound, according to new on-chain data from Santiment. This widening divergence between large and small holders has historically served as a powerful signal of trend reversals. And once again, the pattern appears to be repeating.
Whales and Sharks Accumulate 934,240 ETH While Retail Sells
Fresh data from Santiment shows a massive accumulation wave among Ethereum’s biggest holders. Wallets holding between 100 and 100,000 ETH added approximately 934,240 ETH over the past three weeks — a huge increase that unfolded while volatility cooled and price decline slowed.
At the same time, retail wallets holding fewer than 10 ETH collectively sold 1,041 ETH, highlighting a stark divergence in sentiment between sophisticated and smaller traders.
Historically, such divergence often precedes short-term rallies, trend reversals, or market inflection points, making the current setup especially noteworthy.
Whale Balances Rise as Volatility Falls
Santiment’s analysis shows that whale and shark balances climbed steadily heading into early December. This accumulation phase aligned with:
- •A slowdown in Ethereum’s recent downtrend
- •Reduced volatility
- •A gradual rebound in price
As large buyers stepped in, sell pressure weakened, allowing ETH to recover more easily. These behavior patterns often signal informed positioning rather than short-term speculation.
Retail Exits While Institutions Position Strategically
Retail traders, by contrast, showed the opposite behavior. Wallets with fewer than 10 ETH recorded net outflows of 1,041 ETH, reflecting uncertainty and risk aversion during recent market turbulence.
This kind of split between retail fear and whale accumulation has historically hinted at a shift in momentum. Whales tend to accumulate during periods of undervaluation, exploiting sentiment-driven selloffs to strengthen long-term positions.
Potential Impact on Ethereum's Price
Analysts note that Ethereum’s recent rebound lines up closely with the three-week accumulation period. If whales continue this pace, ETH may find:
- •A stronger price floor
- •More consistent upward pressure
- •Improved stability as supply tightens
The market’s reaction suggests that the supply-demand imbalance created by large holders absorbing liquidity is already influencing price recovery.
While this does not guarantee a breakout, it reinforces a familiar pattern: whales accumulate before major trends shift.
The Bigger Picture for Ethereum
The current trend looks less like speculation and more like strategic positioning by long-term players. Combined with improving market structure and reduced volatility, Ethereum may be entering a more favorable phase — assuming large holders continue to build their stacks.
For retail investors, the takeaway is simple: whale behavior often leads the market, and right now, whales are buying aggressively.