Ethereum’s biggest holders—often called “whales” and “sharks”—have taken decisive actions in the market. In the last month, they more than doubled their Ether (ETH) holdings. Wallets holding over 1k – 100K ETH have cumulatively been net adds of a stunning 1.49M ETH (~$3.79B total). By example, retail investors appear to be exiting the market. This build up happens while Ether is trading close to $2,575, almost 48% under its all-time high.

Activity on Ethereum layer 2 solutions such as Optimism and Arbitrum is booming. At the same time, the success of spot Ether ETFs highlights the rapidly changing landscape of the Ethereum ecosystem. Sharplink Gaming's recent announcement to potentially purchase ETH with proceeds from a $1 billion share sale adds another layer to the ongoing developments.

Whale and Shark Accumulation

According to data, there has been a significant accumulation trend from Ethereum’s richest investors. In the last month, addresses holding between 1,000 and 100,000 ETH have increased their supply by 3.72%. As winners in the Merge, they now each collectively own a total of 41.61 million ETH. This giant sum of Ether makes up almost 27% of Ethereum’s entire circulating supply.

"Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit," - Santiment

This trend of accumulation further depicts the strong conviction that large investors have in Ethereum’s long-term value. Retail traders tend to realize profits more quickly during times of volatility.

During this time, the Ethereum layer 2 solutions ecosystem has seen record growth in terms of activity and adoption. Base-powered Virtual Protocol saw triple-digit increases in transaction volume just within the course of 24 hours. The same was true for USDC transfers on Arbitrum and Optimism, which experienced massive increases as well. This indicates increased adoption and utilization of Ethereum’s scaling solutions.

Spot Ether ETF Flows and Market Dynamics

Additionally, the recent launch of spot Ether ETFs have further shifted market conditions. More remarkably, these ETFs accomplished this in just 19 days of trading, leading to a combined inflow of $1.37 billion. BlackRock’s iShares Ethereum Trust ETF took the majority of these inflows. On one of those recent days, all three ETFs combined for net outflows of $2.1 million. That was their longest inflow streak since they launched in July 2024.

These ETFs provide institutional investors with a regulated and accessible route to gain exposure to Ether. This market access is what greatly increases the total demand for that asset. The daily up and down movements are a cat’s cradle of these larger players’ sentiments and investment strategies.

The offer came as Sharplink Gaming announced intentions to issue up to $1 billion in common shares. The company plans to use the proceeds to buy ETH, creating even more buying pressure on the market.