Ethereum “Mega Whales” Grow In Numbers While “Mid-Tier” Whales Resolve to Profit-Booking

Bhushan Akolkar
January 21, 2021 Updated June 18, 2025
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Top 10 Ethereum Whales Now Hold 24% Of All ETH, Price Jumps Above $3500

After hitting a new all-time high of $1439 on Tuesday, January 19, Ethereum (ETH) continues to remain under pressure! At press time, the ETH price is 4.38% down trading at $1252 with its market cap slipping below $150 billion.

Despite strong on-chain fundamentals, the Ethereum price is failing to sustain crucial supports this is because the whale activity is getting pretty interesting at this point. Explaining the Ethereum Hodlers Distribution, on-chain data provider Santiment shows that mid-tier and smaller Ethereym whale addresses (100-10K ETH) have resolved to profit booking soon as the price approached a new all-time high.

On the other hand, whale addresses with over 10,000+ ETH continue to grow in numbers. It looks like the small players are losing their supplies to the big ones.

Courtesy: Santiment

Just like Bitcoin (BTC), the Ethereum (ETH) supplies at the exchanges have been reducing over the last few weeks. As per Glassnode, the Ethereum active supply has tanked significantly in recent times.

There’s been some buzz around institutional participation in Etheruem with the upcoming launch of CME Ether Futures after three weeks. Recently, the NYDIG CEO said that big institutions were only interested in Bitcoin. In a rebuttal, Grayscale CEO Michael Sonnenshein said that although BTC remains the first choice of institutions there’s an increasing push with diversification, and yes ETH remains the choice of institutions.

Can Defi Help ETH Rally in 2021?

On Wednesday, Fundstrat analyst David Grider said that ETH can rally all the way to $10,500. Grider believes that the Ethereum 2.0 network upgrade and the DeFi expansion will help fuel this rally. Thus, he referred to Ether as the best risk/reward investment at this stage.

However, going against the popular belief that the Ethereum network will benefit the most from the DeFi wave, Ripple’s Head of DeFi Michael Zochowski says Ethereum “will continue to lose ground” due to slow Ethereum 2.0 developments. “I believe at least 25% of the value deployed in DeFi by the end of 2021 will be on networks other than Ethereum,” he added.

Interestingly, investor confidence in Ethereum continues to grow as the Ethereum 2.0 network now holds more than $3.6 billion worth of ETH in deposits contracts.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.