Since 2019, the largest holders of Ethereum have been gradually increasing their market dominance by continuously accumulating more ETH, showcasing strong purchasing power and investment strategies. This phenomenon reached new heights at the beginning of 2023, coinciding with the Shanghai upgrade, marking a significant technical update for the Ethereum network. As the circulating supply controlled by whale addresses exceeds 43%, this number is now approaching the combined holdings of retail investors at 48%. This dynamic indicates that the distribution of wealth in Ethereum is undergoing significant changes, with the influence of large investor groups growing stronger, potentially having an important impact on market trends.