Ethereum returns to $1800: retail investors and giant whales continue to increase their holdings, bu

The price of Ethereum has returned to US$1800. Chain data shows that wallets at both ends have simultaneously increased their holdings.

According to chain supply distribution data, the price of Ethereum has once again reached the US$1800 mark. This trend has received a double boost from the smallest and largest wallet groups. The latest data shows that in the past month, retail addresses holding less than 0.01 ETH have increased their share of total supply by 1.82%, while the collective share of major stakeholder wallets holding between 100 and 100,000 ETH-ranging from significant individual investors to institutional level positions-has also increased by 1.73%. However, this increase in holdings is not universally evenly distributed, and the data suggests that supply tightening is coming from the middle class of the holder base.

This change has pushed swing traders, exchange liquidity providers and low-commitment mid-position groups to possible sources of ETH that are being absorbed by both sides. Such reallocations can weaken the influence of short-term speculators and put more liquid chips in the hands of entities with longer holding cycles, but also reduce the immediate liquidity that active markets typically rely on, which is necessary to maintain narrow spreads and deep order books.

Simultaneous growth of supply at both ends

The simultaneous growth of the smallest and largest holder groups is particularly remarkable because these two groups typically move in opposite directions during price rebounds. Retail investors tend to buy late in the bull market, while large addresses may take profits early. But now, as prices climb back to levels that have not easily settled for months, both sides are increasing their exposure. The small wallet indicator-that is, wallets holding no more than 0.01 ETH-contains a large number of very small positions, but the steady growth in the proportion suggests that new retail interest is not only returning, but also deepening. At the same time, wallets holding between 1 million and 100,000 ETH-a range that spans everything from serious individual hoarders to institutional-sized positions-are also increasing their reporting share. The 1.73% increase in this range is a strong signal that market confidence is outweighing short-term price fluctuations.

The supply distribution chart on the chain also captures a relevant detail: the middle class is shrinking. While the bottom and top groups combined increased their share of supply by more than 3.5 percentage points in a month, middle-sized holders reduced their relative share. Although it is not possible to accurately identify these sellers based on on-chain heuristics alone, this pattern is consistent with profit-taking by swing traders, the unwinding of structured positions, or the rebalancing behavior of liquidity providers who hold large balances but have not yet reached the level of major stakeholder.

Signals sent by intermediate sellers

The exit of the middle class raises important questions about market structure. A holder base dominated by tiny retail wallets and a few large stakeholders may appear stable on the surface-fewer mid-sized positions mean fewer reflexive selling-but it also changes the characteristics of order flow. When supply is disproportionately concentrated at both poles, marginal buyers and sellers become unable to represent the broad market. This could make the price discovery process more bumpy, especially when the beliefs of large stakeholders begin to waver. For now, the increase in holdings by high-end groups shows that large participants are not only holding, but also adding to positions.

There is no guarantee that this model will continue. The position structure reflected in only one month\'s data may quickly reverse due to a deterioration of the macro environment or a stagnation of prices above $1800. The supply distribution reveals where ETH is currently heading, rather than where trading will be next month. But when the price rebound coincides with the expansion of retail and whale dual-end wallets, it can often strengthen the price bottom-because new buyers hold a higher cost base and are unlikely to leave due to a small correction. Combined with Ethereum\'s continued leadership in developer activity-also mentioned in a recent on-chain analysis of blockchain developer indicators-this supply shift adds another layer of resilience to the market narrative entering the second half of the year.

The obvious risk is that if the largest stakeholders change their stance, buying that supported prices above $1800 could fade as quickly as it appeared. But for now, supply distribution data shows that the Ethereum market is not just recovering a price level; it is quietly reorganizing who holds what positions, and the restructuring looks structurally quite different from the distribution seen in recent periods of weakness.