Main navigation

Ethereum Mega Whales Accumulate 0.59% of ETH Total Supply Leading Up to Recent Rally

News
Wed, 12/01/2021 - 11:12
article image
Tomiwabold Olajide
On-chain data shows that the largest whales on the network have been accumulating
Ethereum Mega Whales Accumulate 0.59% of ETH Total Supply Leading Up to Recent Rally
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Data from on-chain analytics firm Santiment suggests that Ethereum mega whales have bought 0.59% of Ether's total supply within the last 12 days.

Ethereum's price dropped to lows beneath $4,000 various times since mid-November, allowing some whales to accumulate more portions of the asset.

Santiment

#Ethereum’s Mega Whale Addresses (Holding 100k to 10m $ETH), Courtesy: Santiment

As outlined by analytics company Santiment, Ethereum's mega whale addresses, typically considered entities holding 100,000 to 10 million ETH, have accumulated nearly 734,800 ETH within the last 12 days, representing 0.59% of ETH’s total supply.

While periods of macro consolidation and even price dips have the tendency to shake off some weak hands, it might not be the same with large holder addresses, referred to as whales. They have always been known to gobble up coins that small-time investors unload during periods of panic.

Santiment also notes that these whale entities have purchased 1.28 million ETH in the past 45 days and 1.46 million ETH in the past 60 days (coinciding with the September drop).

As reported by U.Today, the Ethereum price remains in an upward trajectory. Ethereum is trading presently at $4,735 while marking four consecutive days in the green. ETH is now barely 2.40% away from its Nov. 10 all-time high of $4,867.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.