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Ethereum Accumulation Skyrockets Among Whales

Fri, 05/26/2023 - 08:58
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Alex Dovbnya
Rapid increase in accumulation of Ethereum (ETH) among large-scale investors, or 'whales,' making waves on cryptocurrency market
Ethereum Accumulation Skyrockets Among Whales
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The number of Ethereum whales — investors who hold a significant number of coins — has been on a steep climb recently.

According to data from IntoTheBlock, these holders now control a massive 30.07 million Ether (ETH), marking a significant rise from the 26.56 million ETH they held at the start of 2023.

This growth, representing an increase in holdings of addresses that own over 0.1% of the supply, suggests ongoing and enthusiastic accumulation of the world's second largest digital currency by market capitalization.

Meanwhile, the market is observing a striking difference in behavior among various groups of Ethereum holders.

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In the past 30 days, long-term holders, or hodlers (holding their coins for over a year), have increased their holdings by 4.54%. Conversely, midterm holders, or cruisers (holding for 1-12 months), saw a slight decrease in their balance by 0.38%, and short-term holders, or traders (holding for less than a month), saw a significant decrease by 17.5%.

Over the past 24 hours, the Ethereum (ETH) price managed to record a minor gain of 1.8%, with the currency now trading around $1,814.54.

In the grand scheme of Ethereum's holdings distribution matrix, the vast majority of addresses hold less than 0.1 ETH, accounting for a relatively minor percentage of the total coins. On the other end of the spectrum, the addresses holding between 1,000 and 100,000 ETH — primarily composed of institutional investors and whales — represent a significant portion of the coin's total supply.

Their current holding value is estimated to be approximately $70.09 billion, underlining the profound influence these entities have over the Ethereum market.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at