- Ethereum whales now hold 17.5M ETH, the highest since 2021, signaling strong bullish momentum and tightening supply dynamics.
- Exchange-held ETH supply dips below 6.5%, indicating rising self-custody trends and setting the stage for a potential supply shock.
- Abraxas Capital leads Ethereum accumulation with $837M in holdings as price rallies past $3,000, driven by bullish technicals.
Ethereum’s largest holders are ramping up accumulation just as exchange supply drops to record lows. The moves point to a tightening supply dynamic, with over $1.25 billion in ETH flowing into whale wallets over the past month.
Abraxas Capital Adds $115M in ETH, Total Holdings Now $837M
UK-based Abraxas Capital has intensified its Ethereum acquisition strategy, adding 46,295 ETH worth $115.3 million after a brief pause. Since May 7, the firm has amassed 350,703 ETH at an average price of $2,386, now sitting on $50 million in unrealized gains.
Over the past 72 hours, the firm’s Heka Fund wallet received over 275,000 ETH—roughly $550 million—from major sources including Binance, Kraken, OKX, Aave, and Compound. The largest single transfer came from OKX, which sent 101,608 ETH worth $243.95 million, followed by Aave’s 35,000 ETH transfer valued at $88.3 million.
Whale Cohort Balances Surge to 17.5M ETH as Price Rallies Past $3,000
Ethereum wallets holding between 10,000 and 100,000 ETH have reached 17.5 million ETH, the highest balance since the 2021 bull market peak, according to CryptoQuant data. This cohort historically aligns closely with macro market cycles, accumulating during price bottoms and distributing near tops.
Between February and mid-April, balances declined even as prices rose modestly, but both metrics began rising in tandem by late April. From April 14 to May 12, wallet balances grew from 15.9M to 16.6M ETH, mirroring a price surge from $2,000 to $3,300.
ETH Exchange Supply Falls Below 6.5%, Triggers Supply Shock Warnings
On-chain data from Santiment shows that less than 6.5% of ETH’s total supply remains on centralized exchanges, down from 17% in 2020. The consistent decline signals increasing self-custody and long-term holding behavior.
Bitcoin has followed a similar trend, though its exchange-held ratio remains slightly higher at 5.3%. The sharp reduction in exchange supply has raised concerns over a potential supply shock, especially as whale wallets continue to accumulate aggressively.
CME Gaps Drive Technical Targets Amid Bullish Structure
Technically, Ethereum has reclaimed a bullish structure following a breakout above a year-long descending trendline. After retesting the $1,600 support zone, ETH filled the February CME gap near $2,600 and is now consolidating just below the unfilled January gap at $3,200. Analysts expect volatility to remain elevated as ETH trades between key structural levels.
