Your favorite crypto news blog

Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

Altcoins 2021/07/15 01:00 by Best Owie

Ethereum price of Ethereum has recently fallen below the $2,000 mark in recent days. While some people may see this as something to be worried about, others see it as an opportunity to buy as many coins as possible. More specifically, whales see this as a big buying opportunity for them and they’re using this dip to fill up on their Ethereum holdings.

Related Reading | Ethereum Supremacy? ETH Adds Over 5 Million Unique Addresses In 30 Days

Data on Santiment shows that the top 10 addresses have upped their holdings by 2% in the past month, leading them to own 20.58% of all currency ETH supply in this market. This number puts each address at approximately two million ETH coins each if divided equally amongst the 10 top wallets.

Ethereum Whales Now Slowing Down

The Santiment data shows the buying pattern of the ETH whales over the past couple of months. It shows the buying and selling patterns, and how much the wallets have accumulated so far.

The data shows that the whales had sold off coins when Ethereum had hit its all-time high back in May. The coin had skyrocketed above $4,000 at this point and it shows that the wallets had taken profits from the coins they held, which at this point had accounted for about 18% of all Ethereum in circulation.

Ethereum price chart from TradingView.com

Bulls struggle to keep ETH price about $2,000 | Source: ETHUSD on TradingView.com

Following the price crash and corrections over the past two months, the top 10 ETH wallets have resumed the accumulation of ETH into their wallets. So far, the wallets have managed to buy over 2% of the current circulating supply of ETH, making them collectively the owners of over 20 million Ethereum coins so far.

ETH Exchange Reserves Plummet Amidst Accumulations

Reports coming out earlier this month show that the exchange reserves of Ethereum had hit new lows in a one-year period. Exchanges lost over five million ETH, down from 26 million by June 2020 to 21 million by June 2021.

As more and more whales and investors accumulate coins in wait for the next bull rally, this number would probably continue to decline. The number and rate at which investors are holding coins are up much higher and more and more people are choosing self-storage options over leaving their coins in the exchanges.

Related Reading | Ethereum Price Struggles As London Hard Fork Looms, Falls 4% To Lose $2,300 Hold

Instances of hacks on exchanges have shown over and over again that coins left on exchanges are not safe and thus, holders are not moving Ethereum bought on exchanges to wallets which they control the private keys and seed phrases too.

Staking is another reason for the plummet. More and more holders are putting their coins up for staking to become validators in the ETH2.0 proof of stake network and as such, leaving the coins on an exchange is less enticing since holders can get rewards for staking their Ethereum on the network.

Featured image from Coingape, chart from TradingView.com

0 Like(s)

You should also read...

Altcoins 19/11/19 18:00 by Christine Vasileva
Ethereum USDT On-Chain Volume Breaks $100 Billion
Tether (USDT) keeps building up momentum on the Ethereum network, potentially creating new flows to and from exchanges. While the supply of USDT remains without change, the velocity of coins increases...
Read More
Altcoins 21/11/19 20:55 by Bitcoinist
How to buy and store Ethereum (ETH)?
Almost all activities, on the Ethereum network, are powered by its native crypto token Ether or ETH. ETH boasts of a $20 billion market cap and a circulating supply of ~108 million coins. This makes i...
Read More
Altcoins 12/03/20 09:31 by Brenda Ngari
Ethereum’s Nauseating Fall Fuelled By The Biggest ETH Whales Dumping Their Holdings, Research Says
Ethereum’s spectacular climb in the second month of 2020 allowed it to tap as high as $280 before the bears got in the driver’s seat. But despite the downturn, reports showed that top ethereum ho...
Read More
Altcoins 24/06/21 01:00 by Best Owie
StakeHound Loses Investors Private Keys, $72 Million Worth Of Ethereum Gone
StakeHound has announced that it is suing crypto-custody firm Fireblocks for the loss of 38,178 ETH that has been rendered inaccessible due to negligence of the company. The press release said that th...
Read More
Altcoins 15/07/21 21:00 by Hououin Kyouma
Ethereum Shows Deeply Negative Netflows As Exchange Reserves Fall
Ethereum netflows seem to be negative across all exchanges right now, as exchange reserves continue their downward trend. Ethereum Reserves On A Downtrend As pointed out by a CryptoQuant post, ETH res...
Read More