Ethereum whales are still increasing their holdings. Over 43 percent of all Ether (ETH) in circulation is held by whale addresses, according to recent data from crypto analytics platform Santiment.
Additionally, ETH balance on exchanges has been dropping significantly, which suggests most investors are HODLing.
Whales Are Still Buying ETH
There has been renewed interest in Ether since the Beacon chain went live last year. This is evident as the ETH accumulation rate has been on an upward trajectory, especially for the whale investors.
As of August 2, Santiment reported that 39.2 percent of ETH supply was accumulated by Ethereum’s millionaire addresses that hold at least 1,000 to 100,000 ETH. As recently as August 13, the addresses holding 100,000 ETH accounted for 43.7 percent of all ETH in circulation. According to Santiment, this represents a 7.9 percent increase from the previous record of 35.8 percent in 2018.
What is an ETH Whale?
Ethereum whale simply refers to an address holding a large amount of ETH – at least 1,000 ETH, equating to US$3.149 million on today’s price. Whale addresses can be owned either by individuals or an organisation. Whale accumulation is usually seen as a bullish indication for continuous price growth.
Besides the increase in ETH supply held by whales, data also shows that retail investors are buying, which confirms the presence of demand for ETH. Glassnode tweeted on August 19 that addresses holding 0.1+ ETH had reached an ATH of 5,471,300.
Additionally, there’s a spike in the number of new addresses created on the Ethereum network, which Santiment has termed to be bullish.
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