ethereum whales have been on a shopping spree for a while now, which is an indication of their sustained support for the altcoin king. These whale purchases have increased especially in recent weeks. On-chain data from Santiment reveals that the largest private ethereum wallets now hold an all-time high of 56.25 million eth, representing 46.8% of the cryptocurrency's total circulating supply.
ethereum whales accumulate record amounts of eth
Currently, ethereum is trading in a range as the price action shows the cryptocurrency trading between the high end of $2,434 and the low end of $2,127 in the last 30 days. However, the cryptocurrency is now showing signs of recovery after a recent price rally and is now gaining strong momentum above $2,200.
Amid the price theater, ethereum whales have been buying more eth into their wallets to push the total count to new high after new high. At the same time, these whales have been withdrawing from exchanges, causing eth in addresses owned by the exchange to fall to their lowest levels in over five years.
According Data of On-chain analytics platform Santiment, a record 65.71 million eth, representing 54.67% of the total circulating supply, is now in the hands of major addresses. Of this figure, 56.25 million eth belong to the top 150 self-custody wallets. Consequently, the top 150 exchange-linked wallets now hold 9.46 million eth, approaching their lowest level since June 2018.
Increased whale accumulation: possible explanation
The cryptocurrency industry saw a sharp price surge in the last quarter of 2023, turning optimism around most cryptocurrencies bullish. ethereum-whale-to-keep-price-afloat-et-accumulation/” target=”_blank” rel=”nofollow”>Continued whale acquisitions may be linked to an expected continuation of price growth into 2024, with the imminent approval of bitcoin and ethereum spot ETFs in the US lurking in the background.
eth market cap currently at $268 billion. Chart: TradingView.com
The accumulation of ethereum's largest whales is a good sign for the price in the long term as it indicates that they believe the price will continue to rise. His bitcoin–ethereum-trading-volume-over-40-billion/” rel=”nofollow”>purchasing power It also helps establish price support by reducing the supply of eth for sale.
spoton chain recently shown that an ethereum whale, identified as '0x931', purchased 21,192 eth worth approximately $48 million at an average price of $2,265. The recent purchase now puts the whale's total purchases at 79,500 eth since January 2023 and it now has an unrealized gain of $36.84 million.
At the same time, liquid betting protocols saw steady deposits throughout 2023. Data from DeFiLlama shows that 12.3 million eth ($27.585 billion) is currently locked in eth liquid staking derivatives. This represents an 80% growth from 6.8 million eth. blocked in January 2023.
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