Ethereum Mega Whales Continue To Buy: Do They Know Something You Don’t?
06 January 2024 - 2:00AM
NEWSBTC
On-chain data shows the largest of the Ethereum whales have
continued to buy more recently as their supply sets another new
all-time high. Largest Ethereum Wallets Have Been Rapidly
Accumulating According to data from the on-chain analytics firm
Santiment, the largest non-exchange Ethereum wallets have continued
to show some rapid accumulation recently. The relevant indicator
here is the “supply held by top non-exchange addresses,” which
keeps track of the total amount of Ethereum that the 150 largest
self-custodial wallets are carrying in their combined balance right
now. Naturally, the 150 largest non-exchange wallets would belong
to the top whale entities of the network. As such, the trend in the
metric can provide hints about the sentiment around the
cryptocurrency among these humongous holders. Related Reading:
Analyst Predicts 76% Lido DAO Rally If This Ascending Triangle
Break Happens When the indicator goes up, it means that these
whales are expanding their holdings currently. Such a trend
naturally suggests that they are bullish on the asset at the
moment. On the other hand, the metric registering a decline can be
bad news for the cryptocurrency’s price, as it implies that
these large investors have decided to participate in some selling.
Now, here is a chart that shows the trend in the supply held by the
top non-exchange Ethereum addresses over the past couple of years:
Looks like the metric's value has been constantly going up during
the last few months | Source: Santiment on X As displayed in the
above graph, the supply held by these top 150 whales has been
rapidly going up since April 2023. This would suggest that the
rally in the early months of the year caught the attention of these
large entities, leading them to accumulate. Interestingly, the
slump between August and October was also not enough to dissuade
these holders, as they only continued to buy more. Likewise, these
whales have continued to push through the latest plunge in the
cryptocurrency’s price as well. After the most recent buying spree,
the supply of these top non-exchange Ethereum wallets has reached
56.25 million ETH, which is a new all-time high for the indicator.
In the same chart, the analytics firm has also attached the data
for the supply held by the top exchange addresses. This metric
naturally measures the total number of coins that wallets attached
to centralized platforms are carrying currently. While the
self-custodial whales have ramped up their supply, the top 150
exchange-bound wallets have moved flat in the same period. At
present, this indicator has a value of 9.46 million ETH right now,
which is nearly the lowest level observed since June 2018. Related
Reading: Litecoin Bear Flag Could Cause 41% Crash To This Level,
Analyst Explains Generally, one of the main reasons why investors
deposit their coins to exchanges is for selling purposes. So the
supply of these exchange whales remaining low is a positive sign.
The rapid accumulation that the self-custodial whale entities are
showing, combined with the fact that the top exchange wallets are
at low levels, could mean the long-term outlook may be optimistic
for Ethereum. ETH Price While Bitcoin has already made some
recovery from its crash, Ethereum has only been able to rebound a
bit so far, as its price is trading around the $2,250 level. The
price of the asset appears to have been mostly moving flat since
the plummet | Source: ETHUSD on TradingView Featured image from
Flavio on Unsplash.com, charts from TradingView.com, Santiment.net
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From May 2024 to Jun 2024
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Jun 2023 to Jun 2024