There’s no stopping the Ethereum whales. As the crypto market went on a winning bullish streak, big Ether holders jumped on to get some action. Data provided by the on-chain analytics aggregator, Santiment, revealed that Ethereum whales have continued to accumulate the asset on the cheap.
As a matter of fact, the 10 largest ETH wallet owners are now in possession of more than 20% of the overall token offering. Over the past couple of months, Ethereum saw a dramatic plunge from its historic peak of $4,362 established on the 12th of May this year. During this phase, the whales had sold off coins
The accumulation by the top 10 ETH whales renewed after subsequent crashes and dips. The data shows that these entities have purchased another 2% of the ETH supply over the past two months. Besides, the overall accumulation trend of the whales in question has remained unfazed since May 2017.
The tweet regarding the same read,
“Ethereum’s top 10 non-exchange whales are adding on to their holdings, as their 21.3 million, ETH held this week established a new 5-year high. Meanwhile, top 10 exchange whales recently hit a low of 4.66M $ETH, the lowest since ETH’s 2015 inauguration.”
The latest trend by the ETH whales demonstrated great confidence in the world’s largest altcoin in the world as it continued to rake in the digital asset at a magnificent pace.
Ethereum reserves take a hit
Another bullish sign that has led up to this week’s price surge was the exchange reserves of Ethereum that plunged to a new low in a one-year period. Crypto exchanges have shed more than five million ETH, down from a whopping 26 million by June 2020 to 21 million by June 2021.
Currently, ETH whales as well as investors have gone on an accumulation spree in anticipation of a price appreciation. The London hard fork is a crucial milestone that these entities are eyeing now. Hence, this number is like to decline more and more in the coming days.