So far, the blockchain analytics firm has linked this accumulation spree to the Ethereum Merge that occurred in September 2022. For context, the Merge, considered a historic event, allowed the Ethereum mainnet to integrate with the Beacon Chain transforming it into a fully functional proof-of-stake blockchain. The Merge offers many benefits in terms of potential for sharding to ease network traffic, environmental friendliness, and importantly staking, as it allowed long-term Ethereum investors to finally withdraw their staked rewards.
IntoTheBlock postulated that in particular, whales found this upgraded staking feature attractive resulting in the accumulation surge since 2023. In backing this notion, data from beaconcha.in shows that staked ETH has grown from 15,804,310 ETH in January 2023 to 33,898,981 ETH in January 2025 indicating a 114.49% gain in the same period during which a surge in whale accumulation has occurred.
Ethereum Merge Sparks Mega Increase In Whale Holdings In a recent X post by crypto analytics firm IntoTheBlock, the Ethereum network has recorded a massive rise in whales’ reserves over the past two years.
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