This chart from CryptoQuant shows the balance changes of ETH holding addresses. You can see: Addresses holding 100~1,000 ETH (small holders) have seen a slight decrease in balance. Retail/small investors are distributing, showing a lack of confidence. Addresses holding 1,000~10,000 ETH (medium holders) remain relatively stable or show minor fluctuations, mostly adopting a 'wait-and-see' approach. Addresses holding 10,000~100,000 ETH (large whales) experienced a significant balance increase during 2025-2026 and are still accumulating recently. For example, data from the past week indicates an increase of approximately +230,000 ETH. Addresses holding 100,000+ ETH (super whales) have relatively low overall holdings but have also seen a slight rebound recently, still in the accumulation phase at lower levels. Currently, whales (especially those in the 10,000~100,000 ETH range) are still accumulating, though the pace has slowed, suggesting they may be nearing the end of their accumulation phase. Historically, these are the 'smart money' players who accumulate during low points or consolidation periods. Once their accumulation is complete and the market starts to move, whales tend to distribute at higher levels to FOMO-driven retail investors.