Whales quietly buy Ethereum as prices stagnate

The major ETH holders have accumulated throughout 2024 and in 2025, even if the retail sales decrease, according to Nansen data.

Even if Ethereum (Ethn) The price is down more than 44% this year and a merchant about $ 1,900, some major investors always add to their assets, according to data on the Nansen channel shared with Crypto.News.

While the small ETH holders have reduced their sales, the whales holding between 10,000 and 100,000 ETH increased their assets by more than 12% at the start of 2025.

“The 10k-100k segment experienced a growth of 12% in 2025 only on their total ETH sales while the 1K-10K segment experienced a 3% increase in their YTD participations.”

Nansen

At the same time, the activity of the Ethereum network seems to have slowed down, the median gas prices have dropped almost 50 times since the beginning of 2024, while part of the activity seems to have moved to Solana (GROUND) and layer 2 networks suggest the report.

Ethereum also faces increasing competition, Nansen saying that the network is “in competition on all fronts and risks being a” jack of all trades, but master of nothing “compared to BTC, Sol and TIA”.

Despite the accumulation of certain whales, the wider trend remains uncertain because the ETH leaves “a lot to be desired in many onchain measures”, notes Nansen, adding that the asset has “a severe underperformance both on the track at the top and downhill”.

In order to reverse its long -term trend against the BTC, “significant changes should occur”, Nansen analysts claim, although it remains a little difficult if a short -term catalyst could change the feeling of the market.