Ethereum whale I went on a buying spree. For the time being, this represents continued support for the king of altcoins. Purchases of these whales have particularly increased over the past few weeks. According to on-chain data from Santiment, Ethereum’s largest private wallet currently holds an all-time high of 56.25 million ETH, accounting for 46.8% of the cryptocurrency’s total circulating supply.
Ethereum whales accumulate record amount of ETH
Ethereum is currently trading in a range, as price trends show the cryptocurrency trading between a high of $2,434 and a low of $2,127 over the past 30 days. However, the cryptocurrency is showing signs of recovery after the recent price recovery and is currently building strong momentum above $2,200.
Amid the price fluctuations, Ethereum whales purchased more ETH for their wallets, pushing the total quantity to new highs. At the same time, these whales withdrew from exchanges, causing ETH in exchange-owned addresses to fall to its lowest level in five years.
According to data On-chain analytics platform Santiment currently holds a record 65.71 million ETH among its top addresses, accounting for 54.67% of total circulating supply. Of this figure, 56.25 million ETH belong to the top 150 self-managed wallets. As a result, the top 150 exchange-linked wallets currently hold 9.46 million ETH, which is close to the lowest level since June 2018.
Increased whale accumulation: a possible explanation
The cryptocurrency industry experienced a strong price surge in the fourth quarter of 2023, which turned the optimism around most cryptocurrencies into a bullish one. Ongoing Whale Acquisitions This could be linked to the expected continued price rise in 2024 amid the imminent approval of Bitcoin and Ethereum spot ETFs in the United States.
ETH market cap currently at $268 billion. Chart: TradingView.com
The accumulation of Ethereum’s biggest whales is a good sign for the long-term price as it signals that they believe the price will continue to rise. their purchasing power It also helps establish price support by reducing the supply of ETH for sale.
Spot on Chain I showed it recently The Ethereum whale identified as ‘0x931’ purchased 21,192 ETH worth approximately $48 million at an average price of $2,265. The latest purchase brings the whale’s total purchases since January 2023 to 79,500 ETH, with it now sitting on an unrealized profit of $36.84 million.
At the same time, the liquid staking protocol has witnessed steady deposits throughout 2023. DeFiLlama It 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. Locked in January 2023.
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