Santiment Data: Ethereum Whales Show Sustained Accumulation
The break from the sell-off pattern indicates most sustained level of accumulation in over four months.
According to blockchain analysis firm Santiment’s data, Ethereum (ETH) whales have been accumulating over the past two weeks. The recent activity has broken a sustained ownership downtrend since the beginning of 2022, and the whales are now back to holding over 12% of the total supply.
ETH whales refer to as addresses that hold between 1000 and 10,000 ETH. Or in other words ETH worth approximately $3 million and $30 million.
As of 28 April, the whales held 12.07% of total ETH supply, up from 11.92% about 10 days earlier.
For months, ETH whales didn’t really display any sustained accumulation. Despite concentration among wealthy holders went up in December, it has been on steady declined since then.
Usually, accumulation translates to higher prices, because a given asset has become more scarce for the market. For example, In October last year Bitcoin’s (BTC) price immediately went up after what appeared to be a $1.6 billion whale buy.
Regardless, ETH’s price has not yet to reacted positively, and is still in the midst of a week-long decline. Generally, ETH and the rest of the crypto asset prices is tightly correlated with Bitcoin’s.
? #Ethereum's key stakeholders are showing some accumulation, adding 142k more $ETH to their bags over the past 10 days. After a long dump going back to mid-December, this is the most sustained level of accumulation we've seen in over four months. ? https://t.co/0yRLB6wr8Mpic.twitter.com/M2HAE8jmvX
