A notable shift is underway among major Ethereum holders, marking a departure from their investment patterns of the previous 12 months.

Crypto analyst Ali Martinez noted that Ethereum whales have exhibited a behavioral shift not seen in the past year. According to Martinez, mid-sized Ethereum whales holding between 1,000 and 10,000 $ETH have entered a strong distribution phase after a prolonged accumulation period.

According to the data shared in the analysis, the total amount of Ethereum held by this whale group was approximately 12.95 million $ETH in April 2025. This figure peaked at 15.95 million $ETH on October 6, 2025. However, Martinez stated that a “regime change” occurred in market behavior after this date.

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According to the analyst, whales’ total $ETH holdings have decreased from their peak to approximately 12.52 million $ETH. This represents a drop of about 21.5% in the positions of mid-sized Ethereum whales.

Martinez stated that this supply pressure in the market could make it difficult for Ethereum to reach the $3,000 level. According to the analyst, for the price to rise to this level, new institutional or individual investor demand may be needed to offset the selling pressure from whales. *This is not investment advice.