Ethereum ‘mega whales’ are stacking harder than pre-95% rally in 2022

Ether whales reclaim the most supply since 2020

Recently, the total amount of ETH held by these “whales” has risen from the historical low of 37.56 million ETH in October 2024 to more than 41.06 million ETH

Ether is also trading within a textbook bull pennant pattern on the daily chart. The setup typically signals a continuation move, often resolved by a breakout in the direction of the prior trend

“Somebody is buying a ton of ETH,” blockchain analytics firm Arkham Intelligence said on Sunday, with one address accumulating $300 million worth of Ether 

The whale address currently holds 79,461 ETH, worth around $282.5 million. 

On-chain holdings of Ethereum in exchange-traded funds (ETFs) have been on a vertical upward trajectory over the past month, surging by over 40% over the past 30 days.

The mega whale cohort is defined by addresses holding more than 10,000 ETH, with more than 200 added since the beginning of July. 

These whale address counts include those held by exchanges, large custodians and exchange-traded products, which have been aggressively accumulating.