As a demonstration of their unwavering support for the cryptocurrency that reigns supreme among alternative cryptocurrencies, Ethereum whales have been on a purchasing binge for some time now. Over the last two weeks, there has been a notable spike in the number of whale purchases. The most significant private wallets for Ethereum now hold an all-time high of 56.25 million ETH, which is equivalent to 46.8% of the entire amount of the cryptocurrency that is currently in circulation, according to on-chain statistics from Santiment.
Unprecedented Amounts Of Ethereum Are Accumulated By Ethereum Whales
There is a range in which Ethereum is now trading, as the price action reveals that the cryptocurrency has been trading between the upper end of $2,434 and the lower end of $2,127 over the course of the last thirty days. The cryptocurrency, on the other hand, is now exhibiting indications of recovery after a recent price rise and is currently gaining significant momentum over $2,200.
The Ethereum whales have been purchasing more ETH into their wallets in order to boost the overall count to new highs upon new highs. This is taking place in the middle of the price volatility. At the same time, these whales have been withdrawing from exchanges, which has resulted in the amount of Ethereum that is stored on exchange-owned addresses falling to its lowest levels in five years or more.
According to information obtained from the on-chain analytics tool Santiment, top addresses now own a record 65.71 million ETH, which is equivalent to 51.67 percent of the entire supply that is currently in circulation. When this number is taken into consideration, the top 150 self-custodial wallets are responsible for 56.25 million ETH. A consequence of this is that the top 150 exchange-linked wallets now have 9.46 million ETH, which is very close to its lowest level since June of 2018.
In the last three months of 2023, the cryptocurrency sector had a significant price spike, which caused the majority of cryptocurrencies to lose their pessimistic outlook and become positive. It is possible to establish a connection between the ongoing purchases of whales and the predicted continuation of price increase in 2024. In addition, the approaching legalization of Bitcoin and Ethereum spot ETFs in the United States is a factor that is lurking in the background.
The accumulation of Ethereum's top whales is a positive indicator for the long-term price, since it indicates that they anticipate the price will continue to climb. This would be a favorable sign for the price. Because of their purchasing power, there is less Ethereum available for sale, which contributes to the establishment of price support.
Spotonchain recently revealed that an Ethereum whale, whose identity was revealed to be '0x931,' purchased 21,192 ETH at an average price of $2,265 and a total value of about $48 million via the purchase. Since January 2023, the whale has made a total of 79,500 ETH purchases, and it is now resting on an unrealized profit of $36.84 million. The most recent purchase contributes to this sum.
In the similar vein, liquid staking techniques had consistent deposits for the whole of the year 2023. According to information provided by DeFiLlama, there are presently 12.3 million ETH ($27.585 billion) that are locked up in ETH liquid staking derivatives. When compared to the 6.8 million ETH that were frozen in January 2023, this implies an increase of 80%.
