The share of Internet Computer tokens held by large investors continues to climb, with so called “humpback whales” now controlling a record portion of supply.
Recent data shows that wallets holding more than 100,000 ICP account for 75.17 per cent of the total supply, marking a new high. The steady rise suggests ongoing accumulation among the network’s largest participants, even as broader market conditions remain mixed.
The trend has been building over recent months. After a period of volatility late last year, holdings among these large wallets began to recover and have since moved higher in a gradual but consistent pattern. The latest figures point to a concentration of tokens that is becoming more pronounced over time.
Supporters of the network may view this as a sign of confidence, with long term holders increasing their positions rather than distributing them. Large investors often have greater resources and a longer time horizon, which can provide stability during uncertain periods.
At the same time, a higher concentration of supply can raise questions around market balance. When a large share of tokens sits with a relatively small group of holders, it can influence liquidity and price movements, particularly during periods of heightened activity.
The behaviour of these wallets does not always translate directly into market impact. Some holdings may be locked, staked or otherwise inactive, limiting their immediate effect on circulating supply. Even so, the direction of accumulation remains closely watched by traders and analysts looking for signals about sentiment.
Data providers tracking the network note that the rise in whale holdings has been relatively steady rather than abrupt. That pattern can suggest accumulation over time rather than a single wave of buying, though it does not rule out shifts in strategy if market conditions change.
For smaller holders, the trend presents a mixed picture. On one hand, sustained accumulation by large wallets can indicate confidence in the asset’s long term prospects. On the other, it highlights the growing influence of a smaller group of participants within the ecosystem.
As the share of supply held by humpback whales reaches new levels, attention is likely to remain on whether this concentration continues or begins to stabilise. Much will depend on broader market dynamics and how these large holders choose to manage their positions in the months ahead.
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