Ethereum Whales Scoop Up Supply as MVRV Stays Above Bottom Signal

Ethereum’s holder data shows big wallets adding Ether while mid tier cohorts cut balances, tightening supply among top holders. Meanwhile, ETH’s MVRV ratio sits near 0.96, staying above the 0.80 level that historically marked major bottoms.

Whale cohort grows as mid tier Ethereum wallets cut holdings

Ethereum balance data from CryptoQuant pointed to a rotation in who holds Ether, with larger wallets adding while two mid tier groups reduced balances. On Aug. 18, 2025, wallets holding 100 to 1,000 ETH controlled 9.79 million ETH, while the 1,000 to 10,000 cohort held 14.51 million ETH. At the same time, the 10,000 to 100,000 group held 17.18 million ETH, and 100,000 plus wallets held 2.75 million ETH. 

Ethereum Balance by Holder Value. Source: CryptoQuant

By Wednesday, the 100 to 1,000 cohort fell to 8.32 million ETH, and the 1,000 to 10,000 cohort dropped to 12.26 million ETH. Those declines mean the two groups together shed about 3.72 million ETH compared with Aug. 18. In contrast, wallets holding 10,000 to 100,000 ETH increased balances to 19.77 million ETH, while the 100,000 plus cohort expanded to 3.68 million ETH. Together, those top cohorts added about 3.52 million ETH over the same period.

The move shows Ether becoming more concentrated among the biggest holders. In practical terms, the data suggests that mid sized wallets distributed or moved coins out, while larger wallets absorbed a large part of that supply. On the chart, this shift happened during a period when the black price line trended down into early 2026, so accumulation by the largest cohorts occurred while price weakened rather than during a clear uptrend.

Ethereum MVRV stays above historical bottom zone

Ethereum’s market value to realized value ratio remained above levels that previously aligned with major cycle lows, based on Glassnode data shared by Ali Charts. The chart tracks ETH price alongside the MVRV ratio, with prior market bottoms forming when the ratio moved below 0.80. In the latest reading, the MVRV ratio stood near 0.96, which places the metric above that historical bottom zone.

Ethereum MVRV Extreme Values. Source: Glassnode/X

The chart shows repeated periods where the MVRV ratio dipped under 0.80 during deep drawdowns, followed by later price recoveries. Those instances marked points where market value fell below the realized value held on chain. In contrast, current readings show the ratio hovering closer to the neutral band rather than the extreme low area seen at prior cycle lows.

As a result, on chain positioning reflects a market that has not reached the same valuation stress seen during past bottoming phases. Price has pulled back from prior highs, yet the MVRV ratio remains elevated compared with earlier troughs on the chart, which suggests the metric has not entered the zone that previously aligned with broad capitulation.