The Ethereum Whale group reached an all-time low of 11.04M ETH in continuous circulation.
TLDR
The Ethereum whale group now holds 11.04M ETH, the lowest balance ever recorded in the entire data set's history.
Total holdings have fallen nearly 62% from an early 2022 peak of 28.83M ETH.
Balances have fallen nearly 50% in 12 months, falling from 22M ETH today to 11.04M ETH in mid-2025.
Data cannot confirm if outflows reflect actual sales or conversions to participating contracts and ETF holders.
Ethereum Well group tracking addresses between 100,000 and 1,000,000 ETH hit historic lows.
On-chain data shows that the group currently holds only 11.04M ETH. This marks the lowest reading in the entire data set's history.
The figure represents a sharp decline from the 28.83M ETH in early 2022. The total reduction stands at approximately 17.8M ETH or approximately 62% of peak holdings.
A four-year discount over several market cycles
The erosion of the Ethereum Whale Group's balance has been gradual over four years. In the year Early 2022 saw the team peak at approximately 28.83M ETH.
By mid-2023, that figure had stabilized at around 17M ETH for 12 months. The extended plateau suggested a temporary pause rather than a reversal.
A partial recovery followed when balances returned to 22M ETH in mid-2024. That surge coincided with the ETH price reaching $4,500.
However, the recovery was short-lived as the scales resumed their downward trend shortly thereafter. Members of the same cohort never regained their previous highs during that period.
On-chain analytics platform Alfractal looked at the trend in a recent post, “Ethereum's 100K–1M ETH Remaining Pool Prints 11.04M ETH – Lowest Reading In Entire Chart History.”
The data covers institutional-level wallet addresses. These are placed below higher concentration levels such as spare parts and base bags.
What makes the decline significant is its consistency across market conditions. The group reduced holdings during both price rallies and declines. This behavior indicates a sustainable spread rather than panic selling during a single downturn.
Distribution or transfer – two readings of data
The largest part of the decline occurred in the last 12 months. The balance has dropped from 22M ETH in mid-2025 to 11.04M ETH today.
This represents a 50% reduction in one year. The sharpest leg was connected to ETH, which fell around $4,500 to the current $1,780 range.
There are two different interpretations of this data. The first is direct distribution, where large wallets sell or reduce their exposure to ETH over time. This reading indicates that institutional holders are exiting positions regardless of price direction.
The second reading involves a transfer rather than an actual sale. Holdings transferred to stock contracts, rescheduling protocols, or ETF custodians are not reflected in the group accounts.
Those assets leave the 100K–1M wallet level but remain in the Ethereum ecosystem. The group measure alone cannot distinguish between these two conditions.
Tracking the destination of costs makes it clear which variable is at play. Without that data, both readings remain valid.
On-chain data confirms that the Ethereum whale group holds approximately 62% less ETH compared to the maximum amount recorded in the database today.
