Crypto analyst Ali Martinez noted that Ethereum whales have exhibited a behavioral shift not seen in the past year. According to Martinez, mid-sized Ethereum whales holding between 1,000 and 10,000 ETH have entered a strong distribution phase after a prolonged accumulation period.
According to the data shared in the analysis, the total amount of Ethereum held by this whale group was approximately 12.95 million ETH in April 2025. This figure peaked at 15.95 million ETH on October 6, 2025. However, Martinez stated that a “regime change” occurred in market behavior after this date.
According to the analyst, whales’ total ETH holdings have decreased from their peak to approximately 12.52 million ETH. This represents a drop of about 21.5% in the positions of mid-sized Ethereum whales.
Martinez stated that this supply pressure in the market could make it difficult for Ethereum to reach the $3,000 level. According to the analyst, for the price to rise to this level, new institutional or individual investor demand may be needed to offset the selling pressure from whales.
*This is not investment advice.
