On-chain data shows that the ten largest whales on the Ethereum network now hold 31.8 million ETH, a new all-time high.
Ethereum holdings of the top 10 August 2015 whales have surpassed ATH
According to data from the on-chain analytics company saintthe largest ETH whales Their supplies have grown recently. The biggest whales here refer to the ten largest addresses on the Ethereum network that are not linked to a centralized platform.
Santiment has identified such self-guarding addresses, and entities such as exchanges are excluded here because their role in the sector differs from that of ordinary whales.
Since whales hold huge amounts of money in their portfolios, they can greatly influence the market because their movements can produce significant effects on the price.
Thus, the top ten largest whales are the most powerful investors on the network. Of course, since their behavior may influence the market, their moves are worth watching.
Now, here’s a graph showing how the combined balance of these huge whales has changed since the cryptocurrency started trading back in 2015:
Looks like the value of the metric has observed a sharp uptrend recently | Source: Santiment on Twitter
As you can see in the chart above, the biggest players in the Ethereum ecosystem have been constantly growing their supplies in the past few years.
However, there was an exception to this trend when Alcohol market It started in 2022 and incidents such as the LUNA collapse and 3AC’s bankruptcy occurred.
These investors’ holdings shrank during this period, which means that they may have been involved in selling in the market.
It wasn’t long before those gigantic bearers started piling up again. Their buying spree has also continued to pick up this year, and interestingly enough, the past two months have seen those investors show up who have noticed a sharper upward trend.
The chart also shows Ethereum data exchange supplywhich is the total amount of ETH currently held in the wallets of these platforms.
It seems that when the whales started piling up a few years ago; The exchange supply is starting to trend downward instead. This may mean that this group has absorbed the coins that were withdrawn for self-booking.
Although stock exchange supply has continued to decline recently, its decline has been much weaker. Since the top 10 Ethereum whales have accumulated rapidly over the same period, it appears that the source of their new purchases is no longer from the tokens held by the exchange.
After this recent sharp buildup, ETH whales now hold a combined 31.8 million ETH ($59.47 billion), a new all-time high.
ETH price
At the time of writing, Ethereum is trading around $1,800, down 2% in the past week.
ETH has registered a drop in the past day | Source: ETHUSD on TradingView
Featured image by Todd Cravens on Unsplash.com, charts from TradingView.com, Santiment.net