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Top 10 Ethereum Non-Exchange Whales Versus Exchange Whales Ratio Hits 5:1 Peak, Here’s What It Means

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Mon, 4/10/2021 - 8:41
Top 10 Ethereum Non-Exchange Whales Versus Exchange Whales Ratio Hits 5:1 Peak, Here’s What It Means
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According to data provided by on-chain analytics vendor Santiment, the ratio of crypto non-exchange whales holding Ethereum against ETH exchange whales has reached a new peak as the second-largest cryptocurrency has recovered some of its recent losses above $3,000 recently.

Non-exchange whales hold 5x more ETH than whales on exchanges

The Santiment team has shared that as Ethereum has recaptured the $4,386 level, the amount of Ethers held by non-exchange whales now totals 22.91 million Ethereum.

This is over five times more than what exchange whales hold—4.6 million Ethereum. Santiment has called this an unprecedentedly high ratio for this metric and stated that the bigger difference in favor of non-exchange whales is the better.

As reported by U.Today earlier, in July the top 10 Ethereum whales accumulated large quantities of ETH. Back in mid-July, they held 20.58% of the overall ETH supply on their addresses after purchasing 2.12% of the ETH supply on the dip.

Ethereum 2.0 TVL surges close to eight million ETH

Another popular on-chain data company, Glassnode, has tweeted that the amount of ETH locked in the Ethereum 2.0 deposit contract has spiked to a new all-time high of 7,837,922 coins.

This is one million ETH larger than slightly over a month ago—on Aug. 16—when the all-time high of 6,727,938 ETH was registered by the Glassnode analytics team.

Related

Over 1.3 million ETH burnt in Q3, 2021

According to the etherburned.info website, in the third quarter of this year, a staggering amount of Ethereum has been incinerated—409,669 ETH—as reported by U.Today last Friday. That is a whopping $1,358,695,270.

The ETH fee-burning mechanism was rolled out as part of the EIP-1559 upgrade that went live on Aug. 5. The upgrade is also often referred to as the London Ethereum hard fork.

By today, the overall amount of burned Ethereum fees is 427,270.94 ETH. That is the equivalent of $1,417,761,355.90. Over the past hour, 224.27 ETH (worth $749,830.71) have been destroyed.

The burning mechanism is making Ethereum a deflationary cryptocurrency; therefore, many expect this to be one more driver for the Ethereum price's substantial increase in the near future.

Last week, the second-most popular crypto managed to recover above the $3,000 level and, at press time, ETH is exchanging hands, sitting at $3,362, as per CoinMarketCap.

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