Ethereum whale balances have reached an unprecedented 20.6 million ETH, according to recent on-chain data. Addresses holding between 10,000 and 100,000 ETH are steadily accumulating, suggesting a bullish sentiment among these key market players. This increase in holdings reflects confidence in Ethereum's long-term prospects, potentially driven by upcoming ETH 2.0 upgrades, expanding DeFi applications, or ETF expectations. Historically, such whale accumulation often signals a forthcoming bull run or price stability, as these large holders typically maintain their positions for extended periods, influencing market trends. With 20.6 million ETH now under whale control, the market could see reduced selling pressure, potentially supporting Ethereum's value growth in the near future.