New on-chain data suggests Ethereum’s biggest holders are gradually stepping back, but analysts argue this doesn’t spell weakness for the market.
Crypto strategist Joao Wedson highlighted that the number of whale addresses holding massive ETH balances is shrinking, along with their overall share of supply.
While ETH prices have been rising, these large wallets appear less active.
Wedson, however, sees no reason for concern. Drawing parallels with Bitcoin’s past cycles, he noted that true market momentum often comes not from whales but from so-called “sharks” — wallets holding between 10,000 and 100,000 ETH.
Since April, this group has reportedly accumulated about 4.4 million ETH, showing consistent confidence in the asset.
Unlike whales, which are often tied to exchanges, custodians, or inactive long-term holdings, sharks tend to be more dynamic players in price discovery.
According to Wedson, this buying activity could play a critical role in shaping Ethereum’s next major move, especially if accumulation continues at the current pace.
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Source: https://coindoo.com/ethereum-whales-are-disappearing-but-thats-not-bad-news/