New on-chain data reveals that the combined balances of large Ethereum wallets, holding between 100,000 and 1 million ETH, have dropped to just 11.04 million ETH. This figure marks not only a fresh multi-year low but also the lowest point ever recorded in the dataset’s history. Compared to the peak of 28.83 million ETH at the start of 2022, these wallets have shed roughly 17.8 million ETH in just over two years.
Decline stretches across four years
Analysis shows the reduction is part of an extended trend, spanning multiple market cycles rather than being a short-term fluctuation. After reaching a high at the beginning of 2022, this cohort of wallets stabilized around 17 million ETH by mid 2023. Experts have noted that this brief sideways movement was viewed as a pause, not a lasting recovery.
By mid 2024, there was a partial rebound, lifting the cumulative balance back up to the 22 million ETH range. During this period, ETH prices neared the 4,500 dollar level. However, the uptick proved fleeting, as large wallet balances quickly reversed course and resumed their downward trajectory.
According to Alphractal, the group of addresses holding between 100,000 and 1 million ETH has collectively fallen to 11.04 million ETH, setting a record low in chart history.
Alphractal, a prominent on-chain analytics provider, closely tracks the movements of such wallet groups. This metric focuses on large private addresses—typically institutional-sized—not crypto exchanges or foundation reserves, which can skew aggregate numbers.
Mini glossary: On-chain data refers to publicly available transaction and wallet movement records on the blockchain. When assets move to custodians or staking contracts, the transfer does not automatically mean a sale has occurred.
Selling off or shifting assets?
The most dramatic decline occurred over the past 12 months. This group’s collective balance, hovering at about 22 million ETH in mid 2025, has now dropped by half to just 11.04 million ETH. Over the same time, the price of ETH also slipped from around 4,500 dollars to the 1,780 dollar range.
| Period | Total balance | Note |
|---|---|---|
| Start of 2022 | 28.83 million ETH | Historical peak in dataset |
| Mid 2025 | 22 million ETH | Post-recovery temporary level |
| Today | 11.04 million ETH | All time low |
There are two main interpretations of this data. The first assumes that big wallets have gradually sold ETH or downsized their positions over time. This scenario points to systematic redistribution, regardless of price movements.
The other scenario suggests these assets may not have been sold off, but instead transferred into different structures such as staking contracts, restaking protocols, or ETF custodians. In such cases, ETH holdings could drop from these wallet balances without actual market sales. As a result, this metric alone cannot definitively determine if the outflows are sales or internal ecosystem shifts.
Current on-chain data does not specify the final destinations of withdrawn ETH, leaving open the possibility of both sales and internal transfers within the ecosystem.
Still, the data clearly shows that large Ethereum wallets containing between 100,000 and 1 million ETH now hold approximately 62 percent less ETH compared to their record peak levels.
