Exclusive: The Stealth Whale Amassing a 171K Ethereum Fortune—Who’s Behind It?
A shadowy player is quietly gobbling up Ethereum—171,000 ETH and counting. While retail traders chase memecoins, this whale’s building a war chest. Is it a hedge fund, a sovereign wealth fund, or just another billionaire dodging capital gains taxes? Here’s what we know—and why it matters.
Follow the money. Ether’s price has been range-bound for months, but someone’s betting big on a breakout. The purchases are methodical, untraceable, and scream institutional playbook. No flashy announcements, no Twitter hype—just cold, hard accumulation.
Timing is everything. With Ethereum’s next protocol upgrade looming, this whale might know something the market doesn’t. Or maybe they’re just allergic to fiat currency. Either way, when the dam breaks, they’ll be holding the lever.
Wake-up call: While Wall Street still debates ‘crypto as an asset class,’ the smart money’s already positioning. Just don’t expect them to send you a trade alert.
Whales actively move ETH for DeFi, reserve purposes
Whales are highly active on the ETH spot market, with both trading and accumulation for staking. Recently, a whale panic-sold as Ethereum had a short-term setback, later returning to buy at $3,828.
Overall, ETH is still relatively distributed, with the top 10 whales holding around 12.33M ETH, under 10% of the total supply. In comparison, BlackRock and Strategy already hold over 6% of the BTC supply, with even more locked in top institutional and corporate wallets.
Ethereum also accumulates by necessity, even when held by retailers or early investors. After a period of usage as a utility coin, ETH is more widely used for staking and liquid staking currently.
The inflow of ETH into accumulation addresses continues at a historically high pace, with growing demand for DeFi or a reserve for bigger future rallies.
SharpLink Gaming buys more ETH
SharpLink gaming also added to the ETH treasury rush. In the past day, the company acquired an additional 21,959 ETH, for a total of 543,898 ETH.
SharpLink remains the second-largest corporate ETH holder, as BitMine has already expanded its treasury to 833.1K ETH. Following the recent purchase, SBET shares recovered NEAR a one-week high of $23.56.
Exact treasuries and wallets may be hard to track, as almost all entities MOVE their funds into liquid staking. Even when staked on the Beacon Chain, the stakes will be split into several tranches of 2,048 ETH. Some large-scale ETH holders also choose third-party liquid staking entities that also work as validators.
After an initial peak of requests to unstake ETH, validators are now returning to the usual balance. Close to 30% of the ETH supply is locked in staking, with additional tokens wrapped in multiple protocols. The increased demand from multiple buyer profiles continues to boost short-term ETH scarcity.
In total, strategic ETH reserves are now above 3M ETH, catching up with near-vertical growth. ETFs still carry around 5.3M ETH, though with a slower pace in the past month.
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