According to Nansen, despite Ethereum’s difficulties across various on-chain measurements, the wider pattern remains unclear. They observed that ETH has been considerably underperforming in both upward and downward swings, though some whales are accumulating.
Ethereum’s network activity appears to be slowing, with average gas costs apparently falling nearly 50-fold since the start of 2024. Some activity seems to have moved to Solana (SOL) and Layer-2 networks.
Nansen’s analysts claim that a “substantial change” is required for Ethereum to reverse its long-term decline against Bitcoin (BTC). However, it’s uncertain whether any near-term catalysts exist to alter market attitude.
While smaller Ethereum holders have been reducing their balances, whales holding between 10,000 and 100,000 ETH have grown their holdings by more than 12% since early 2025.
Ethereum also confronts growing competition, with Nansen suggesting that the network “faces competition on all fronts and risks becoming a ‘jack of all trades, master of none’ compared to BTC, SOL, and TIA.”
Nansen data reveals that even as retail balances decrease, large Ethereum holders have been accumulating between late 2024 and early 2025.
While the price of Ethereum (ETH) has dropped more than 44% this year, trading around $1,900, some big investors are still increasing their holdings, according to on-chain data provided by Nansen.
