Ethereum's largest holders have increased their holdings to a 10-week high, despite a recent price drop. On-chain data from Santiment reveals that investors with at least 100,000 ETH, equivalent to nearly $200 million, now control 22.03% of the total supply. This accumulation trend has persisted since early May, even as Ethereum's price fell below $2,000 for the first time since late March. The increase in holdings by these mega whales suggests potential confidence in Ethereum's long-term value, although their overall supply has been declining since Q4 2025. Meanwhile, Bitcoin whales have seen their supply changes stabilize, with smaller investors also reducing their accumulation, according to CryptoQuant. Historically, such trends have been associated with prolonged price weakness.