Ethereum whales have been consistently purchasing more of the altcoin, indicating their ongoing support. The buying activity has particularly escalated in recent weeks. On-chain data from Santiment shows that Ethereum’s largest private wallets now hold a record 56.25 million ETH, which accounts for 46.8% of the total circulating supply of the cryptocurrency.
Currently, Ethereum is trading within a range, with the price fluctuating between $2,434 and $2,127 over the past 30 days. However, the cryptocurrency is showing signs of recovery following a recent price increase and is now building strong momentum above $2,200. Amid these price fluctuations, Ethereum whales have been adding more ETH to their wallets, pushing the total count to new highs. Simultaneously, these whales have been withdrawing from exchanges, leading to a drop in ETH on exchange-owned addresses to their lowest levels in over five years.
According to Santiment, a record 65.71 million ETH, representing 54.67% of the total circulating supply, is now held by top addresses. Of this, 56.25 million ETH is held by the top 150 self-custodial wallets. As a result, the top 150 exchange-linked wallets now hold 9.46 million ETH, nearing its lowest level since June 2018.
The last quarter of 2023 saw a significant price surge in the crypto industry, turning the sentiment around most cryptocurrencies bullish. The continued accumulation by whales can be attributed to the expected continuation of this price growth in 2024, with the potential approval of Bitcoin and Ethereum spot ETFs in the US in the background.
Ethereum’s market cap is currently at $268 billion. The accumulation by Ethereum’s largest whales is a positive sign for the long-term price, as it indicates their belief that the price will continue to rise. Their buying power also helps establish price support by reducing the supply of ETH for sale. An Ethereum whale, known as ‘0x931’, recently purchased 21,192 ETH worth approximately $48 million at an average price of $2,265. This recent purchase brings the whale’s total buys to 79,500 ETH since January 2023, resulting in $36.84 million in unrealized profit.
Meanwhile, liquid staking protocols saw steady deposits throughout 2023. Data from DeFiLlama shows that 12.3 million ETH ($27.585 billion) are currently locked in ETH liquid staking derivatives, representing an 80% growth from 6.8 million ETH locked in January 2023.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | DeFiLlama, Santiment, NewsBTC, Spotonchain, TradingView.com |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
