Cryptocurrency analyst Joao Wedson has analyzed the latest on-chain data from the Ethereum (ETH) market. According to Wedson's analysis, the number of Ethereum whales is declining. While the price of ETH is rising, both the total amount of holdings and the share of these large addresses in the supply are decreasing daily. Wedson argues that this situation shouldn't be interpreted as a “bearish sign.” Recalling that historical data shows a similar pattern for Bitcoin, the analyst stated, “The real price movements are driven not by whales, but by mid-sized investors, or 'sharks.'” According to the analysis, wallets holding between 10,000 and 100,000 ETH on the Ethereum side fall into the “shark” category. Wedson noted that these addresses have been making aggressive purchases recently, and that a total of 4.4 million ETH has been added to wallets in this group since April. Wedson noted that most large wallets are linked to exchanges or long-term investors, and some assets may even reside in forgotten or inaccessible wallets. However, the active activity of shark addresses plays a key role in determining market price dynamics. *This is not investment advice.