Friday , March 29 2024
Home / Blockchain / Ethereum Whales Show Sustained Accumulation, On-Chain Data Shows

Ethereum Whales Show Sustained Accumulation, On-Chain Data Shows

Summary:
Data from blockchain analysis firm Santiment indicates that ETH whales have been accumulating over the past two weeks. They have broken out of a sustained ownership downtrend since the start of the year, and are now back to owning over 12% of the supply. ETH whales, in this context, are defined as addresses holding between 1000 and 10,000 ETH. That’s between about million and million worth of ETH, at current prices. As of Thursday, whale ownership sat at 12.07% of ETH supply, up from 11.92% about 10 days earlier. Whales have hardly shown any sustained accumulation in months. Though concentration among wealthy holders surged in December, it has steadily declined since then. Typically, accumulation is associated with higher prices, as it means a given cryptocurrency

Topics:
Andrew Throuvalas considers the following as important: , , ,

This could be interesting, too:

Chayanika Deka writes USDT Transaction Volume Soars on TRON DAO, Hits 2 Million Daily

Wayne Jones writes Ethereum Hits 1 Million Validators Prompting Community Concerns

Mandy Williams writes Here’s Why Bitcoin ETF Flows Will Continue for Years, According to Bitwise CIO

Andrew Throuvalas writes Vitalik Explains Ethereum’s Next Steps After Dencun Upgrade

Data from blockchain analysis firm Santiment indicates that ETH whales have been accumulating over the past two weeks. They have broken out of a sustained ownership downtrend since the start of the year, and are now back to owning over 12% of the supply.

  • ETH whales, in this context, are defined as addresses holding between 1000 and 10,000 ETH. That’s between about $3 million and $30 million worth of ETH, at current prices.
  • As of Thursday, whale ownership sat at 12.07% of ETH supply, up from 11.92% about 10 days earlier.
  • Whales have hardly shown any sustained accumulation in months. Though concentration among wealthy holders surged in December, it has steadily declined since then.
  • Typically, accumulation is associated with higher prices, as it means a given cryptocurrency has become more scarce for the market. In October, Bitcoin’s price immediately broke higher after what appeared to be a $1.6 billion whale buy.
  • However, ETH’s price is yet to react positively, still in the midst of a week-long decline. Generally, ETH’s price is still tightly correlated with Bitcoin’s.
Enlarged
Ethereum Whale Ownership Concentration. Source: Santiment

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *