ICP address data shows shifting whale behaviour in 2025

New on-chain data suggests a change in how large holders are positioning themselves within the Internet Computer ecosystem this year, with different trends emerging across whale categories.

Figures shared by IcTerminal show that the number of so-called Humpback whale addresses has continued to decline through 2025. These addresses, often used to describe holders with sizeable but not dominant balances, have been steadily reducing in count, pointing to consolidation, redistribution, or exits among this group.

At the same time, the data shows a recovery in the number of addresses held by top-tier whales. After earlier weakness, this segment has been growing again during 2025, suggesting renewed accumulation or a reorganisation of holdings among the largest ICP owners.

While address counts do not reveal intent on their own, the split trend highlights a divergence in behaviour between different layers of large holders. Fewer Humpback whale addresses could reflect wallets merging, funds moving to exchanges, or holders dropping below threshold levels, while the rebound in whale addresses may indicate confidence among the largest participants or long-term positioning ahead of future network developments.

As with all on-chain metrics, the data offers signals rather than answers. Address growth does not automatically translate to market direction, and broader factors such as staking activity, governance participation and network usage will remain key in understanding how these shifts may influence ICP’s trajectory over the months ahead.