Ethereum Whale Cohort Hits All-Time Low of 11.04M ETH Amid Sustained Distribution

TLDR:

• • The Ethereum whale cohort now holds 11.04M ETH, the lowest balance recorded across the full dataset history.
  • Total holdings have fallen roughly 62% from the early-2022 peak of 28.83M ETH to the current level.
  • Balances dropped nearly 50% in 12 months, falling from 22M ETH in mid-2025 to 11.04M ETH today.
  • Data cannot confirm if outflows reflect actual selling or relocation into staking contracts and ETF custodians.

The Ethereum whale cohort tracking addresses holding between 100,000 and 1,000,000 ETH has reached a historic low.

On-chain data shows the cohort now holds just 11.04M ETH. This marks the lowest reading across the entire dataset history.

The figure represents a steep decline from the early-2022 peak of 28.83M ETH. Total reduction stands at approximately 17.8M ETH, or roughly 62% of peak holdings.

A Four-Year Decline Across Multiple Market Cycles

The Ethereum whale cohort’s balance erosion has unfolded gradually over four years. Early 2022 saw the cohort holding a peak of approximately 28.83M ETH.

By mid-2023, that figure had stabilized near 17M ETH for about 12 months. The extended plateau suggested a temporary pause rather than a reversal.

A partial recovery followed when balances climbed back to around 22M ETH in mid-2024. That uptick coincided with ETH prices rallying toward $4,500.

However, the recovery proved short-lived as balances resumed their downward trend shortly after. The cohort never reclaimed its prior peak during that period.

On-chain analytics platform Alphractal noted the trend in a recent post, stating: “The Ethereum 100K–1M ETH balance cohort just printed 11.04M ETH — the lowest reading on the entire chart history.”

The data covers wallet addresses holding institutional-scale positions. These sit below extreme concentration tiers such as exchange reserves and foundation wallets.

What makes the decline notable is its consistency across different market conditions. The cohort reduced holdings during both price rallies and drawdowns alike. This behavior points to sustained distribution rather than panic selling during a single downturn.

Distribution or Relocation — Two Readings of the Data

The steepest portion of the decline has occurred over the past 12 months. Balances dropped from roughly 22M ETH in mid-2025 to 11.04M ETH today.

That represents a 50% reduction within a single year. The sharpest leg down coincided with ETH falling from around $4,500 toward the current $1,780 range.

Two distinct interpretations exist for this data. The first is straightforward distribution, where large wallets have steadily sold or reduced ETH exposure over time. This reading suggests institutional-scale holders have been exiting positions regardless of price direction.

The second reading involves relocation rather than actual selling. Holdings moved into staking contracts, restaking protocols, or ETF custodians would not appear in the cohort balance.

Those assets leave the 100K–1M wallet tier but remain within the Ethereum ecosystem. The cohort metric alone cannot distinguish between these two scenarios.

Tracking the destination of outflows would clarify which dynamic is at play. Without that data, both readings remain valid.

What the on-chain data confirms is that the Ethereum whale cohort holds approximately 62% less ETH today than at the dataset’s recorded peak.

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