Ethereum whale wallets holding more than 100,000 ETH increased their holdings to 17.41 million ETH, marking a 9-week high, according to on-chain data shared by analyst Lucky on May 29, 2026. These large holders now control approximately 22% of Ethereum's circulating supply. The accumulation occurred during a period of market weakness, a pattern that long-term investors typically monitor as a signal of institutional confidence in future value.
Whale Wallets Now Control 22% of Ethereum Circulating Supply
Wallets holding 100,000 ETH or more have steadily increased their exposure despite recent market volatility. The 17.41 million ETH now held by these large investors represents nearly one-fifth of all circulating Ethereum. Analyst Lucky noted on May 29, 2026, that this accumulation during weakness is a setup that long-term investors watch closely.
Whale behavior often precedes major market trends because large holders include institutional investors and wealthy participants with access to extensive market research. The current concentration of supply among major holders reduces the amount of ETH available for trading on exchanges. Many whale wallets move holdings into cold storage rather than actively trading, which typically signals long-term conviction.
Institutional ETF Approvals and Ecosystem Development Drive Investor Interest
Ethereum remains the foundation for decentralized finance applications, NFT infrastructure, and tokenized real-world assets. Developers continue building on Ethereum due to its established ecosystem and network security. Several spot Ethereum ETF approvals occurred earlier this year, creating new access pathways for traditional investors and improving market confidence.
Institutional participation through ETFs contributed to capital inflows into Ethereum. The network's role in supporting ongoing application development continues attracting attention from both institutional and retail investors. Ethereum trades below its previous cycle peak while Bitcoin recently reached new highs, creating a valuation gap that some investors view as an opportunity.
Staking and Cold Storage Reduce Available Market Supply
Staking mechanisms lock ETH and decrease the liquid supply available for trading. When combined with whale accumulation, reduced circulating inventory can affect market dynamics during periods of strong demand. Data shows many large holders transfer ETH into cold storage instead of keeping it on exchanges, reducing immediate selling pressure.
The movement of coins off exchanges into long-term storage typically indicates that holders do not plan to sell in the near term. This behavior historically appeared before several major rallies in Ethereum's price history. Current whale accumulation levels resemble patterns observed during previous bullish market cycles.
Bitcoin Strength and Whale Activity Improve Market Sentiment
Crypto market sentiment improved gradually in recent weeks, with Bitcoin strength helping restore confidence across the broader market. Ethereum showed recovery signals alongside rising whale accumulation. The concentration of supply among large holders during periods of weakness suggests that experienced investors are positioning ahead of broader retail participation.
Rising adoption, stronger institutional involvement through ETF products, and ongoing network development continue supporting optimistic market expectations. While short-term volatility remains a factor, long-term indicators currently reflect positive sentiment among major holders. The combination of reduced exchange supply and increasing whale holdings creates favorable supply-demand conditions.
FAQ
What did Ethereum whale wallets do on May 29, 2026?
On May 29, 2026, analyst Lucky reported that Ethereum whale wallets holding more than 100,000 ETH increased their total holdings to 17.41 million ETH, the highest level in nine weeks. These wallets now control approximately 22% of Ethereum's circulating supply.
Why are large investors accumulating Ethereum during market weakness?
Large investors continue buying Ethereum during periods of market weakness because they view it as undervalued compared to Bitcoin, which recently reached new highs. Ethereum's role in decentralized finance, NFT infrastructure, and institutional ETF approvals earlier this year contribute to long-term confidence in its value.
How does staking affect Ethereum's available supply?
Staking locks ETH and reduces the liquid supply available for trading on exchanges. When combined with whale accumulation and transfers into cold storage, reduced circulating inventory decreases selling pressure and can support favorable market conditions during periods of strong demand.
