Ethereum Whales with Over 10,000 ETH Rising, Indicating Accumulation Trend

ethereum's recent momentum appeared to have slowed, largely due to the lull in ETF-related enthusiasm.

Despite this, there is a significant accumulation trend among large holders, also known as whales, even as the eth price remains below $4,000.

Massive ethereum Whale Rise

According to the latest data from Glassnode, x.com/ali_charts/status/1796137229015798124″ target=”_blank” rel=”noopener” data-wpel-link=”external”>shared According to popular crypto analyst Ali Martinez, there has been a notable increase in ethereum addresses with 10,000 or more eth. This shift from distribution or selling to accumulation suggests that whales are confident in the long-term potential of altcoins and are choosing to expand their holdings in anticipation of future gains.

“There has been a notable increase in #ethereum addresses containing more than 10,000 $eth, indicating a shift from distribution to accumulation.”

The feeling is before crypto-markets-climb-7861″ target=”_blank” rel=”noopener” data-wpel-link=”external”>report revealed that wallets containing at least 10,000 ethereum had accumulated 21.39 million eth in the last 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator reflecting ethereum price movements.

In fact, eth has outperformed btc over the past month following the announcement by the US Securities and Exchange Commission (SEC) and subsequent approval of the first ethereum spot ETF. Therefore, it is not surprising that the whale accumulation continues.

Analyzing daily eth transfers of over $100,000 and over $1 million, the crypto analytics platform noted that the biggest spikes in bulk whale transactions of the year occurred after ethereum spot ETFs were officially approved late last week .

As such, prices may continue to outperform bitcoin as long as this cohort of wallets with 10,000 or more eth continues to rise rather than decline amid volatility.

Singapore DBS Bank Marked as eth Whale

Interestingly, blockchain analytics firm Nansen recently identified DBS Bank, one of the largest banks in Singapore, as an eth whale. According to Nansen, a crypto wallet attributed to DBS Bank contains 173,753 eth, valued at approximately $650 million at the current market price.

This analysis, noted on May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of the ethereum stash. However, one community member suggested that the assets could belong to the DBS digital exchange, which serves accredited investors.

They speculated that eth is likely to be held on behalf of investors rather than as direct banking assets.

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