On-chain data shows that the largest Ethereum whales have continued to buy recently as their holdings reached a new all-time high.
Top 10 Ethereum self-depositing wallets have been growing their supply recently
According to data from the on-chain analytics company saintRecently, the top non-exchange ETH addresses have continued to add more coins to their holdings. The indicator of interest here is “supply held by top non-exchange addresses,” which measures the total amount of Ethereum held by the 10 largest addresses outside of centralized exchanges in their currently pooled balance.
Of course, whales are the only entities that will be able to have these personal self-guarding titles. And since the focus wallets here are precisely the top 10, the holders of these wallets will not be just ordinary whales, but the largest even among them.
These investors will be the most influential entities on the network (other than centralized platforms), due to the massive amount of coins they can move at once. Thus, supply can be something to watch, as any changes in it may be relevant to the market.
Now, here is a graph that shows the trend in the supply of these huge Ethereum whales over the past few years:
The value of the metric seems to have been climbing since quite the while now | Source: Santiment on Twitter
As shown in the chart above, the supply of Ethereum held by the top 10 non-exchange addresses has been following an overall bullish trend for a few years now. There was a break in this trend during the first bear market rally, where supply fell, meaning that some of these whales took the opportunity to exit the market.
The index mostly moved sideways during the remainder of the bear market, but since the rally began this year, those big self-guarding headlines are back piling up.
On the chart, Santiment also included data for another indicator, the supply held by major stock exchange addresses. From the graph, it is evident that the holdings of the 10 largest wallets on centralized exchanges recorded a decline during the same period that the self-guarding mega whales flourished.
The supply of major exchange addresses has now fallen to 6.78 million ETH, the lowest value since September 2015, when the cryptocurrency became publicly traded.
The two lines moving opposite each other indicate that the largest whales have withdrawn their coins from these platforms, as they increasingly prefer to keep them in key addresses that they themselves own.
Withdrawals have been particularly intense recently, as has the accumulation of self-guarding whales, which has taken the top 10 non-exchange addresses to a new all-time high of 33.47 million ETH.
ETH price
At the time of writing, Ethereum is trading around $1,800, up 8% in the past week.
Looks like the value of the asset has gone stale in the last few days | Source: ETHUSD on TradingView
Featured image by Gabriel Dizzi on Unsplash.com, charts from TradingView.com, Santiment.net
