The post Ethereum Whales Are Selling in August—Analyst Explains Why It’s Not Bearish appeared on BitcoinEthereumNews.com. In recent months, Ethereum’s supply has seen a notable shift in how large amounts of ETH are distributed among wallets. Specifically, the number of addresses holding more than 100,000 ETH — often called “whales” — has dropped significantly. Surprisingly, this trend has not raised major concerns among ETH investors or analysts. The Decline of Ethereum Whales and the Rise of Sharks Recent data shows that the number of addresses with over 100,000 ETH has declined as ETH’s price surged. According to Alphractal, the number of whale addresses has fallen from more than 200 in 2020 to around 70 in 2025, which is now at its lowest level in nearly a decade. Ethereum Addresses with Balance >100K ETH. Source: Alphractal Normally, analysts view whale selling as a bearish signal. However, looking at the number of “shark” wallets holding between 10,000 and 100,000 ETH gives a more complete picture. Ethereum Addresses with Balance Between 10k – 100K ETH. Source: Alphractal In August, shark wallets increased from about 900 to over 1,000. This growth came amid a wave of Ethereum accumulation, driven by strategic reserves of publicly listed companies. Joao Wedson, founder of Alphractal, explained that declining 100,000+ ETH whales does not significantly impact prices. Instead, mid-sized addresses — the “sharks” — are the real force to watch. “But before you say “that’s bearish,” remember: the same thing also happens with Bitcoin. On-chain historical data shows that the true diamond-handed holders often own fewer coins, while the real price drivers are the mid-sized players — the “Sharks.”” Wedson explained. He added that large wallets often belong to exchanges or early adopters, and some may have lost access due to long periods of inactivity or security issues. Over the past month, ETH accumulation has transferred supply to a new generation of sharks. Their active… The post Ethereum Whales Are Selling in August—Analyst Explains Why It’s Not Bearish appeared on BitcoinEthereumNews.com. In recent months, Ethereum’s supply has seen a notable shift in how large amounts of ETH are distributed among wallets. Specifically, the number of addresses holding more than 100,000 ETH — often called “whales” — has dropped significantly. Surprisingly, this trend has not raised major concerns among ETH investors or analysts. The Decline of Ethereum Whales and the Rise of Sharks Recent data shows that the number of addresses with over 100,000 ETH has declined as ETH’s price surged. According to Alphractal, the number of whale addresses has fallen from more than 200 in 2020 to around 70 in 2025, which is now at its lowest level in nearly a decade. Ethereum Addresses with Balance >100K ETH. Source: Alphractal Normally, analysts view whale selling as a bearish signal. However, looking at the number of “shark” wallets holding between 10,000 and 100,000 ETH gives a more complete picture. Ethereum Addresses with Balance Between 10k – 100K ETH. Source: Alphractal In August, shark wallets increased from about 900 to over 1,000. This growth came amid a wave of Ethereum accumulation, driven by strategic reserves of publicly listed companies. Joao Wedson, founder of Alphractal, explained that declining 100,000+ ETH whales does not significantly impact prices. Instead, mid-sized addresses — the “sharks” — are the real force to watch. “But before you say “that’s bearish,” remember: the same thing also happens with Bitcoin. On-chain historical data shows that the true diamond-handed holders often own fewer coins, while the real price drivers are the mid-sized players — the “Sharks.”” Wedson explained. He added that large wallets often belong to exchanges or early adopters, and some may have lost access due to long periods of inactivity or security issues. Over the past month, ETH accumulation has transferred supply to a new generation of sharks. Their active…