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Ethereum “Millionaire Tier” Whales Now Hold 39.2% ETH Supply, Pushing Price Close to $2,700: Santiment

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Mon, 08/02/2021 - 08:12
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Yuri Molchan
According to recently published analytics data, biggest ETH wallets now hold almost 40 percent of the total Ethereum offering, driving the price back close to $2,700
Ethereum “Millionaire Tier” Whales Now Hold 39.2% ETH Supply, Pushing Price Close to $2,700: Santiment
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Popular analytics vendor Santiment has tweeted that top-tier whales have become more active in buying Ethereum recently.

Their massive purchases of ETH pushed the coin's price back to the $2,691 level on Sunday.

Biggest crypto whales now own 39.2 percent of Ethereum supply

An analytics chart shared by the Santiment data agency shows that the largest crypto whales (those on the "millionaire tier" level) now own 39.2 percent of the total supply of the second-biggest crypto, Ethereum.

The company emphasizes that this is the largest portion of the ETH supply owned in almost three months—since May 12.

These "millionaire tier" wallets hold from 1,000 to 100,000 ETH each.

Related
Ethereum Surpasses $2,600 as "Greed" Takes Over the Market

Ethereum reclaims $2.691 ahead of London hardfork

The second most popular crypto has been rising on the anticipation of the London hardfork. The latter will take place in just a few days, on Aug. 4, at block 12,965,000.

This major and long-anticipated ETH upgrade will be a crucial part of the Ethereum transition to the proof of stake (PoS) algorithm and the dumping of the proof of work (PoW) one used by multiple cryptos, including Bitcoin, Litecoin and Dogecoin.

Besides, Ethereum has just turned six; the blockchain's Genesis block was rolled out on July 30, 2015.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.