On-chain data shows that the ten largest whales on the Ethereum network now hold 31.8 million ETH, a new all-time high.
The Ethereum holdings of the top 10 whales have now surpassed the ATH of August 2015
According to data from the on-chain analysis firm Holythe largest ETH Whales They have increased their supplies recently. The largest whales here refer to the ten largest addresses on the Ethereum network that are not associated with a centralized platform.
Santiment has identified such self-custody addresses, and entities like exchanges have been excluded here because their role in the sector is different from that of normal whales.
Since whales hold large amounts in their wallets, they can significantly influence the market, as their movements can produce noticeable price effects.
Thus, the ten largest whales are the most powerful investors in the network. Naturally, since your behavior can affect the market, it pays to watch your moves.
Now, here’s a chart showing how the combined balance of these great Ethereum whales has changed since the cryptocurrency first went public in 2015:
Looks like the value of the metric has observed a sharp uptrend recently | Source: Santiment on Twitter
As you can see in the chart above, the biggest players in the Ethereum ecosystem have been steadily increasing their supplies in recent years.
However, there was an exception to this trend when the bear market it started in 2022 and there were accidents such as the collapse of LUNA and the bankruptcy of 3AC.
The holdings of these investors had been reduced during this period, implying that they may have been participating in the market liquidation.
However, it wasn’t long before these huge headlines started piling up again. Their buying spree has also continued in this year’s rally, and interestingly, in recent months supply from these investors has seen an even more pronounced uptrend.
The chart also shows Ethereum data exchange supplywhich is the total amount of ETH that is currently in the wallets of these platforms.
It seems that when the whales began to accumulate a few years ago; the exchange supply had started to drop instead. This may imply that coins being withdrawn for self-custody were being absorbed by this cohort.
However, while the swap supply has continued to decline recently, its decline has been much weaker. As the top 10 Ethereum whales have accumulated rapidly over the same period, it appears that the source of their new purchases is no longer coming from exchange tokens.
Following this latest strong accumulation, ETH whales now hold a combined 31.8 million ETH ($59.47 billion), a new all-time high.
ETH price
As of this writing, Ethereum is trading around $1,800, down 2% over the past week.
ETH has registered a drop in the past day | Source: ETHUSD on TradingView
Featured Image by Todd Cravens on Unsplash.com, Charts from TradingView.com, Santiment.net
