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Ethereum Held by Whales Has Fallen to Its Lowest Volume since 2015: Santiment

Mon, 07/26/2021 - 10:20
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Alihuseyn Gulu-Zada
Whales withdrew a record amount of Ethereum from crypto exchanges
Ethereum Held by Whales Has Fallen to Its Lowest Volume since 2015: Santiment
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Analysis platform Santiment released a report regarding Ethereum's 10 largest non-exchange whales. It notes that their $21.3 million share reached a new five-year high this week.

The scale of the share

More specifically, the report says that the 10 largest OTC Ethereum addresses now control the biggest volume of this digital currency in the last five years.

By the end of last week, 21.3 million coins were under the control of such major players. Whales currently control more than 20 percent of ETH of the total altcoin supply, the researchers stressed.

But on the other hand, as a result of aggressive accumulation, the volume of Ether placed by whales in exchange wallets on their side has fallen to its lowest level since 2015 (4.66 million ETH).

Characteristics of fluctuations

Note that the ETH outflow trend, which has dominated for several weeks in a row, led to a rise in the price of the altcoin.

Thus, during Asian trading, the exchange rate of Ether reached $2,360. This is the highest value since July 7. The capitalization of the second cryptocurrency increased by 8.64 percent to $275.134 billion during the day.

It is worth adding that as early as last week, the Santiment team drew attention to another surge in the activity of the so-called "Ethereum whales."

Large investors have been buying the drop since the beginning of the summer. According to the most recent data, wallets containing between 10,000 and one million ETH have accumulated a total of 60.52 million coins.

Santiment ETH whales

The latest price data

At the end of last week, the price of Ethereum unsuccessfully tried to overcome the resistance of 2,200 USD. On small volumes, buyers could not break this level, and the price of Ethereum rolled back to the support of 2,100 USD.

Lark Davis Says Ethereum Network Update Might Have Serious Implications for ETH Price

Tonight, strong bullish momentum broke through the bears' defenses at 2,200 USD. Buyers will try to renew the July high, which was set on July 7 around the $2,410 level.

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.