Significant holders of ETH have been steadily increasing their positions throughout late 2024 and into 2025, despite a decline in retail balances, according to data analysis.
Although Ethereum’s (ETH) price has dipped more than 44% this year, currently hovering around $1,900, some major investors continue to expand their portfolios as indicated by blockchain analytics data.
While smaller holders of ETH have been trimming their positions, larger investors with between 10,000 and 100,000 ETH have raised their stakes by over 12% in early 2025.
“The segment holding 10k-100k ETH experienced more than a 12% increase in their overall balances in 2025, while those with 1k-10k ETH saw only a 3% uptick in their holdings year-to-date.”
Concurrently, Ethereum’s network activity appears to have diminished, with median gas prices reportedly plummeting nearly 50 times since early 2024, as some activity seems to be migrating to Solana (SOL) and various layer-2 solutions.
Ethereum is also facing intensified competition, particularly as it competes on multiple levels and risks being seen as a “jack of all trades but master of none” when assessed alongside BTC, SOL, and TIA.
Despite the accumulation by certain large holders, the overarching trend remains dubious as key on-chain indicators for ETH leave “much to be desired,” highlighting the asset’s “significant underperformance both during market rises and declines.”
For ETH to reverse its prolonged downtrend against BTC, analysts suggest that “substantial changes would need to happen,” yet it remains uncertain if any immediate catalyst might shift the prevailing market sentiment.