The concentration of Ethereum (ETH) on whale addresses has reached a record high, according to Santiment. A total of 104 whale wallets, each holding over 100,000 ETH (approximately $400 million), now control 57.35% of Ethereum’s total supply. This marks a new all-time high, with whales collectively holding 83.81 million ETH, valued at $335.2 billion at the current market rate.

Meanwhile, smaller holders like “sharks” (wallets with 100–100,000 ETH) and “shrimp” (wallets with up to 100 ETH) have seen their share decline to 33.46% and 9.19%, respectively. For sharks, this represents a historic low, while shrimp holdings are at their lowest since January 2021. Analysts at Santiment interpret this whale accumulation as a bullish signal for Ethereum.

Interestingly, whales continue to accumulate as the percentage of profitable ETH supply rises. Data from Glassnode reveals that ETH supply in profit surged from 49.11 million in early November to 71.4 million as of December 16. With the total Ethereum supply at 120.45 million, this means 59.2% of the supply is now in profit, further suggesting that whale investments remain largely lucrative.

On December 16, Ethereum joined Bitcoin in a strong upward move, surpassing the $4,100 level. Analysts predict Ethereum could reach a new all-time high before year-end, breaking its previous peak of $4,868 set in November 2021.

This article does not constitute financial advice. Always conduct your own research before making any investment decisions.