On-chain data has unveiled a significant milestone in the Ethereum network as the ten largest self-custodial whales have amassed a record-breaking 31.8 million ETH.

The influence of these whales on the market cannot be overlooked, as their significant holdings give them the power to impact prices. Let’s delve into the details and observe the growth patterns of these influential Ethereum investors.

The Power of Ethereum’s Largest Whales:

The ten largest whales on the Ethereum network, excluding centralized platforms, have recently expanded their ETH supplies. Analytics firm Santiment, known for its on-chain data insights, has identified these self-custodial addresses as the primary focus of their analysis.

Unlike exchanges, these whales play a unique role in the ecosystem, making their movements closely watched by market observers.

Tracking the Evolution of Whale Holdings:

A revealing chart showcases the combined balance of these influential Ethereum whales since the cryptocurrency’s early days in 2015. Over the years, these players in the Ethereum ecosystem have consistently grown their holdings, exerting their impact on the market.

A Momentary Dip and a Swift Recovery:

During the bear market in 2022, marked by events like the LUNA collapse and 3AC bankruptcy, the holdings of these whales experienced a temporary shrinkage.

This indicated that these investors may have participated in the market selloff. However, they swiftly resumed accumulating assets and continued their buying spree throughout the current market rally. Notably, the past couple of months have witnessed an even sharper uptrend in the supply of these influential investors.

Whale Accumulation and Exchange Supply Dynamics:

Interestingly, as the whales began accumulating ETH a few years ago, the supply held on exchanges started declining. This suggests that the coins withdrawn for self-custody were absorbed by this cohort of influential investors.

The inverse relationship between whale accumulation and exchange supply adds further insights into the dynamics of the Ethereum market.