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Here Is How Much the Top 10 Ethereum Whale Exchange Addresses Hold

Thu, 02/03/2022 - 11:45
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Tomiwabold Olajide
Ethereum whale holders are moving coins away from exchanges
Here Is How Much the Top 10 Ethereum Whale Exchange Addresses Hold
Cover image via stock.adobe.com

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On-chain analytics platform Santiment reports that the top 10 Ethereum whale exchange addresses own just 5.83 million ETH compared to their non-exchange counterparts holding 24.31 million ETH. The on-chain analytics platform notes that this might be due to the continued trend of Ethereum whale holders moving coins away from exchanges.

According to U.Today, a total of 302,092 ETH departed centralized exchanges in January as a result of the current price drop. In January, Ethereum saw its biggest monthly price drop since March 2020, collapsing with Bitcoin during one of the worst-ever starts to a year on cryptocurrency markets.

Whales, on the other hand, appear to be taking advantage of falling market valuations to purchase cryptocurrencies at a bargain. Following the collapse, the price of Ethereum plummeted to $2,100, giving the whales even more leeway to increase their holdings.

As a result, the continued flow of coins to cold wallets could signal long-term price volatility. This is because whale investors frequently send cryptocurrencies away from exchanges to hold them for a lengthy period of time.

Top Ethereum whale holders control a whopping 30 million ETH

According to Santiment, the top 20 Ethereum whale holders possess a combined total of 30 million ETH on and off exchanges. The top 10 non-exchange addresses currently have 24.31 million ETH, while the top 10 exchange addresses only have 5.83 million ETH.

Ethereum was trading at $2,602 at the time of publication, down 3.60% in the previous 24 hours. Ethereum has dropped by more than 46.92% since hitting a record high of $4,891 on Nov. 16, 2021.

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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.