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.