Currently, 104 wallets each hold at least 100,000 ETH (approximately $400 million). Their combined balance of 83.81 million ETH (~$333.1 billion) accounts for a record 57.35% of Ethereum’s supply, according to Santiment.

🐳 There are currently 104 whale wallets holding at least 100K Ethereum. Their combined holdings currently sit at 57.35% of all existing ETH tokens, currently worth ~$333.1B.

Meanwhile, wallets with 100-100K hold their lowest ratio of supply in history, 33.46%. And sub-100 ETH… pic.twitter.com/9qDN3lotQy
— Santiment (@santimentfeed) December 17, 2024

The share of addresses holding between 100 and 100,000 ETH has fallen to a historic low of 33.46%.

Meanwhile, wallets with balances below 100 ETH now hold 9.19% of the supply — the lowest level since January 2021.

Assuming a growing number of addresses are engaged in staking and DeFi, analysts at Santiment believe the ongoing accumulation of coins by large investors represents a long-term bullish signal for the market structure.

Notably, VanEck has forecast Ethereum reaching $6,000, Bitwise predicts $7,000, and CryptoQuant estimates the price will surpass $5,000.

In early December, CoinDesk analyst Omkar Godbole highlighted a bullish chart pattern for Ethereum similar to the one that preceded Bitcoin’s November rally.

Analyst VentureFounder identified a “cup-and-handle” formation for Ethereum, signaling a potential rise to $7,200 within four months.