Whales Accumulate ETH as Retail Sells Off
As we progress through 2025, Ethereum’s market dynamics demonstrate a compelling story of contrasting fortunes between large holders (whales) and retail investors. Recent on-chain data reveals that while retail investors are increasingly liquidating their Ethereum holdings, whales have ramped up their accumulation, adding millions of ETH to their wallets this year.
Whales Increase Holdings as Retail Exits
In a remarkable display of market divergence, wallets controlled by large investors have expanded their aggregated balances from around 14 million to over 22.2 million ETH throughout 2025. Conversely, retail wallets, which once held 11 million ETH, have significantly dropped to approximately 8.3 million. This stark contrast underscores the shifting sentiment in the market.
Crypto analyst Mister Crypto aptly captured this trend, stating:
“Whales are accumulating Ethereum while retail is dumping their bags.”
His analysis illustrates a clear visual representation of this shift, showing that while retail-derived holdings plummeted throughout the year, large investors have been consistently increasing their positions.
A report by CryptoPotato supports this observation, noting that wallets containing between 10,000 and 100,000 ETH have amassed a staggering combined total of over 21 million tokens. Additionally, exchange reserves have decreased by more than 4 million ETH this year, indicating that fewer coins are available for trading, further intensifying the supply-demand dynamic.
Developer Activity Hits All-Time High
Beyond the movements of individual investors, Ethereum showcases a vibrant ecosystem of development activity. Recent metrics indicate that in Q4 of 2025 alone, 8.7 million smart contracts were deployed—the highest quarterly figure to date. This remarkable statistic points towards a growing trend of developers utilizing the Ethereum network for substantial projects beyond mere price speculation.
BMNRBullz emphasized this transition, remarking, “This isn’t speculation, it’s builders shipping.” The rising number of smart contracts signifies increased usage of various applications, infrastructural developments, and real-world asset integrations. More significantly, this uptick in on-chain activity captures the attention of institutions that are keenly observing trends beyond price volatility.
Market Levels to Watch
As the ETH market stabilizes, Ethereum is currently trading near $2,940, reflecting a 3% decline over the past day and a 1% drop this week. Over the last 24 hours, ETH has fluctuated within a range of $2,900 to $3,050, prompting analysts to focus on critical price levels. The support level of $2,880 remains pivotal, while $3,060 serves as an essential resistance point.
According to analyst CRYPTOWZRD, “
A rejection after a retest of the $2,880 support would offer further upside.
” Their insights suggest that a breakthrough beyond $3,060 might set the stage for new long positions. While ETH’s movement appears correlated with Bitcoin’s behavior, it’s noteworthy that Ethereum is maintaining its position above crucial price levels.
An ongoing analysis reveals an intriguing formation on the weekly chart: a potential bull flag structure. BitcoinSensus shared a chart indicating a series of higher lows and lower highs that have persisted since 2022. After a recent failed breakout attempt, Ethereum is now undergoing consolidation. Should ETH succeed in breaking out from its upper range, the technical target is projected to approach $7,000.
In tandem, traders are keenly examining monthly charts for signs of a possible double-bottom setup. Trader Tardigrade highlighted a potential breakout pattern in the making, while Ted pointed out liquidity areas near $2,900 and $3,100—key zones currently under close watch by market participants.
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