Top 10 Crypto Whales Confident in ETH as They Withdraw 20.5% ETH from Exchanges

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Tue, 10/20/2020 - 09:07
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Yuri Molchan
Recent analytics report shows that the Top 10 crypto whale wallets keep withdrawing ETH from exchanges as a sign of confidence in ETH prospects
Top 10 Crypto Whales Confident in ETH as They Withdraw 20.5% ETH from Exchanges
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According to data from Santiment analytics provider, top cryptocurrency whales continue to move their ETH holdings from crypto exchanges to non-exchange addresses as a sign of their confidence in ETH's prospects.

As a result, Glassnode has shown that the ETH balance on exchanges has dropped to a 10-month low.

20.5% decrease in ETH holdings on exchanges

Santiment has reported that crypto whales continue to withdraw their ETH from crypto exchanges (the Top 10 whale exchange addresses) and move their crypto to wallets beyond exchanges at a rapid rate.

Over the past two months, whales have drained digital exchanges of 20.5 percent of ETH.

These statistics indicate price confidence in the second biggest crypto coin by holders. The tweet says:

ETH's top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders.

Data confirmed by Glassnode

Meanwhile, Glassnode agency has reported that the volume of ETH on digital exchanges (1-day MA) has dropped to a 10-month low and now totals 16,324,040.688 ETH.

That is around 1,000 ETH less than the value observed earlier today.

Besides, as per data from Glassnode, the mean transaction volume of ETH (2-day MA) has seen a substantial rise over the past 24 hours.

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Community keeps accumulating ETH: new ATHs

Other data shared by Glassnode indicates that the Ethereum community keeps acquiring ETH coins, hoping to see positive results on the market soon.

The number of wallets that contain 32+ ETH has hit a new all-time high of 124,599.

The amount of non-zero ETH wallets has also reached a new all-time high of 47,978,046. That is a rise by almost 2,000 wallets since earlier today.

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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.