ETH traded around $2,012 in late May after falling from over $2,300 in early May, alongside renewed ETF outflows and extreme fear sentiment. On-chain data shows a different pattern: non-exchange whale wallets increased their ETH supply from 124.15 million to 125.17 million between May 1 and May 29, a net gain of just over one million ETH worth more than $2 billion at current prices. During the same period, ETH fell about 12%. Large wallets holding at least 100,000 ETH also reached the highest collective holdings in nine weeks, representing 22.03% of total supply. This accumulation may be temporary because large wallets often sell more frequently, but it is occurring during a drawdown, making it notable.
"Between May 1 and May 29, Santiment's metric tracking supply held by non-exchange whale wallets rose from 124.15 million ETH to 125.17 million ETH. That is a net gain of just over one million ETH, worth more than $2 billion at current prices. Over the same window, ETH dropped roughly 12%. The whales took profits along the way, but added more than they sold on net."
"The Santiment filter excludes exchanges, custodians, and staking pools, stripping out the wallets that move ETH around for operational reasons rather than investment intent. What's left is the most honest read on what big investors are doing. Wallets this large tend to sell more often than they buy, with shorter buyback phases in between. So this accumulation may not last."
"also posted on May 28 that wallets holding at least 100,000 ETH now collectively hold 17.41 million tokens, the most in nine weeks. Those wallets account for 22.03% of the entire ETH supply, a ten-week high. Different metric, same direction. Wallets this large tend to sell more often than they buy, with shorter buyback phases in between."
"The accumulation shows up clearly in Santiment's on-chain data, even though the chart doesn't show it. Between May 1 and May 29, Santiment's metric tracking supply held by non-exchange whale wallets rose from 124.15 million ETH to 125.17 million ETH. That is a net gain of just over one million ETH, worth more than $2 billion at current prices."
Read at 24/7 Wall St.
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