Quietly whales buy ethereum with price stagnation

The adult ETH holders accumulate throughout the late 2024 until 2025, even as retail balances decline, Nansen’s data.

Although ethereum (EthThe price has decreased more than 44 % this year and traded about 1900 dollars, some of the big investors still add to their holdings, according to data on the series of Nanson joint with Crypto.News.

While the younger ETH holders reduce their balances, whales that include between 10,000 and 100,000 ETH have increased by more than 12 % in early 2025.

“The 10K-100K sector witnessed more than 12 % growth in 2025 alone on the total ETH assets, while the 1k-10K sector witnessed a 3 % increase in their YTD holdings.”

Nanson

At the same time, it seems that the activity of the Ethereum network has slowed down, with the average gas prices decreased to nearly 50 times since early 2024, while some activity appears to have turned into Solana (TellerClass 2 networks, the report suggests.

Ethereum also faces increasing competition, as Nanson said that the network “competes on all fronts and risks as” jackets for all deals but it is a master of nothing “when compared to BTC, Sol and Tia.”

Despite the accumulation of some whales, the broader trend is still not certain because the ETH leaves “a lot of desirable via many onchain measures”, adding that the origin has “a severe performance in both the road to the top and the bottom.”

In order for ETH to be reflected in the long -term landmark against BTC, “major changes must occur”, although it is still unclear whether any in the near -term catalyst can change the morale of the market.