Large Ethereum Holders Have Steadily Purchased Large Amounts Of Ether Since August, Analysis Report Says
Top Ethereum wallets have been adding Ethereum steadily since August and keep doing so even as the price is approaching the all-time high reached in May.
Top ETH Whales Buy Additional 13.9% Ether
The data provider on the Santiment channel tweeted that Ethereum wallets containing 1 million to 10 million Ethereum had bought huge chunks of Ether in the past three months.
Over this period, they have acquired 13.9% of the Ethereum supply and keep adding more, even though the Ether price has soared to the $4,200 zone, inching closer to surpassing the May all-time high of Ethereum.
Unchanged ETH whales hold 5x ETH than whales on exchanges
According to a tweet from Santiment published earlier in October, the ratio of no-and-swap crypto whales and their ETH holdings is now 5: 1.
Crypto whales now hold five times more Ethereum on non-exchange wallets than other whales hold on exchange addresses.
The former’s ETH holdings now total 22.91 million Ethereum, compared to just 4.6 million ETH stored on addresses based on crypto exchanges.
Besides, in July, the top 10 Ethereum addresses acquired big amounts of ETH and, back then, they held 20.58% of the second-largest cryptocurrency.
In the meantime, as U.Today reported earlier, the ETH exchange supply has shrunk significantly as investors pulled Ether into cold wallets for long-term storage. This may be one of the main reasons for the growth of the Ethereum price.
Ethereum is approaching its May peak
On May 12, Ether managed to hit an all-time high, hitting an all-time high of $ 4,362. Since then, ETH has fallen twice to a low of $ 1,780 (in June and July). In early August, it surpassed the $3,000 level after the implementation of EIP-1559 (also known as the London hardfork) on Aug. 5.
At the end of last week, Ethereum recovered the $ 4,000 line and on Wednesday it hit the price of $ 4,239, after Bitcoin hit an all-time high of $ 66,930.
Along with the EIP-1559 upgrade, a burning mechanism for Ethereum was rolled out for ETH fees. Since then, large amounts of Ether have been destroyed, making ETH’s supply smaller and more deflationary, helping its price to rise.
As of Oct. 11, more than 500,000 ETH have been destroyed. In the past thirty days, around $ 824 million in Ethereum fees have been burned.
