Ethereum’s largest token holders have been steadily accumulating more of the second-largest cryptocurrency by market capitalization, effectively increasing their dominance as they do so.

According to data shared by on-chain analysis firm IntoTheBlock, Ethereum whales’ accumulation has been consistent since 2019 and accelerated in early 2023 after the network’s Shanghai upgrade, which started allowing staked Ether to be withdrawn.

The data, shared on the popular microblogging platform X (formerly known as Twitter), shows that these whale addresses now control over 43% of Ethereum’s circulating supply and are approaching the 48% retail investors control.

The second-largest cryptocurrency has notably been underperforming Bitcoin, having risen just 1.4% so far this year, compared to Bitcoin’s 33.6% rise over the same period, with Ethereum’s market capitalization now standing at around $278 billion.

Notably, however, Benjamin Cowen, a prominent cryptocurrency analyst, has revealed that Ethereum’s monthly candles have been tracking its performance in 2016 “perfectly,” which suggests that if the trend continues Ethereum could end September in the green and drop later in the year, before surging in 2025.

Cowen’s analysis, shared on the microblogging platform X suggests a potential surge for Ethereum, which back in August 2016 was trading slightly below the $11 mark and ended up seeing a massive price surge to $370 in 2017, before moving to a high above $1,360 in early 2018 ahead of the ensuing bear market.

If Ethereum were to replicate its 12,200% surge seen back in 2016, the cryptocurrency would surpass the $30,000 mark in a historic bull run that would also see its market capitalization explode upward.

It’s important to note that past performance is not necessarily indicative of future results. The cryptocurrency market remains volatile, and unforeseen events could disrupt any projected price movements.

Featured image via Unsplash.