Ethereum Whales Continue to Amass Record Amounts of ETH
In the world of cryptocurrencies, Ethereum has long been regarded as the king of altcoins. And it seems that Ethereum whales, the individuals or entities that hold large amounts of the cryptocurrency, are showing their unwavering support for the digital asset. Recent on-chain data from Santiment reveals that these whales have been on a buying spree, accumulating a record high of 56.25 million ETH, which represents a staggering 46.8% of Ethereum’s total circulating supply.
On-Chain Data Shows Ethereum’s Largest Whales Now Hold All-Time High of 56.25 Million ETH
The data from Santiment highlights the substantial increase in whale buys in recent weeks. The largest private wallets on the Ethereum network now hold an all-time high of 56.25 million ETH. This figure accounts for 46.8% of the total circulating supply of Ethereum. This accumulation by the whales is a clear indication of their sustained belief in the long-term potential of Ethereum.
ETH Price Recovery Sparks Increased Buying from Ethereum Whales
Although Ethereum has been trading within a range in the past month, with prices fluctuating between $2,127 and $2,434, there are signs of a recovery. The recent price recovery has sparked increased buying from Ethereum whales, who are evidently confident in the crypto’s future prospects. This increased buying activity has helped to strengthen Ethereum’s momentum above the $2,200 mark.
ETH Withdrawals from Exchanges Hit Five-Year Low as Whales Accumulate
Another interesting trend that has emerged is the withdrawal of ETH from exchanges by whales. As these whales continue to accumulate more ETH into their wallets, the amount of Ethereum held on exchange-owned addresses has dropped to its lowest level in over five years. This withdrawal of ETH from exchanges further supports the notion that the whales believe in the long-term growth of Ethereum and are confident in holding onto their assets.
Whales’ Continued Accumulation of ETH Signals Long-Term Price Growth
The ongoing accumulation of ETH by Ethereum whales is a positive sign for the long-term price outlook of the cryptocurrency. This accumulation indicates that the whales believe the price of Ethereum will continue to rise in the future. Additionally, the buying power of these whales helps to establish price support by reducing the available supply of ETH for sale in the market. This could potentially contribute to further price appreciation for Ethereum in the coming months.
In conclusion, the recent increase in buying activity by Ethereum whales, coupled with the withdrawal of ETH from exchanges, demonstrates a sustained and unwavering support for Ethereum. These whales believe in the long-term potential of the cryptocurrency and are confident in their investments. This accumulation of ETH is a positive indicator for the future price growth of Ethereum and could have a significant impact on the overall market dynamics of the cryptocurrency.
Analyst comment
Positive news. As Ethereum whales continue to accumulate record amounts of ETH and withdraw from exchanges, it indicates their belief in the long-term potential of Ethereum. This sustained support and buying activity from whales could lead to further price appreciation for Ethereum and impact the overall market dynamics in a positive way.
