- Ethereum whales held approximately 38% of total supply at press time.
- The supply of ETH continues to decline.
Throughout the year, Ethereum (ETH) whales have continued to make strategic moves, with recent reports showing a notable increase in their holdings.
Ethereum Whales Collect More Supply
According to Into the Block, the percentage of Ethereum supply held by large investors, known as whales, has increased year over year. The data shows an increase from 32% in January to about 35%.
Further investigation into Santiment’s whale holdings also showed an increase.
Source: Santiment
Initial observations of the chart show a clear upward trend over the past few months. In August, the whale retention rate was around 34%, but at the time of this writing, it has exceeded 38%.
So an important question arises: How has the surge in holdings affected the overall supply of Ethereum on exchanges?
Ethereum: Exchange supply continues to decline
Ethereum supply on exchanges has seen minimal fluctuations in recent periods. However, there has been a noticeable decline over the past six months.
Chart analysis shows a decline of nearly 1 million units from August to present. As of this writing, exchange supply was approximately 10.51 million.
Source: Santiment
Connecting the dots between exchange supply trends and Ethereum whale holdings, we can infer that accumulation by large investors has impacted overall supply.
Reduced supply on exchanges means less liquidity, which can have a positive impact on price trends.
ETH upward trend has stopped.
AMBCrypto’s examination of Ethereum’s daily price trends revealed consistent accumulation of whales across various price ranges. The charts prior to this latest report showed a consistent increase in ETH value over the past 6 days.
Read Ethereum (ETH) price prediction for 2023-24
The upward trend has increased its value by about 11%. However, at the time of this writing, there was a slight decline of close to 2%. Despite the downward trend, it succeeded in maintaining a stable price around $2,200.
Source: TradingView
It is worth noting that if the percentage of supply held by these whales begins to decline, this could mean surrender. This is an important consideration as releasing large volumes on an exchange can have a negative impact on price trends.