While the majority of assets in the cryptocurrency sector returned to their previous positions ahead of the rally triggered by fake news regarding spot Bitcoin (BTC) exchange-traded fund (ETF) approval, Ethereum (ETH) whales also took the cue and turned on accumulation mode.
Specifically, billionaire-level Ethereum whale addresses, i.e. cryptocurrency wallets with at least 1 million ETH, are now 32.27% of the available ETH supply for the first time in seven years, according to information available from cryptocurrency market analysis platform Santiment in October. He is holding his in his hand. 17.
In fact, as the analytics platform's chart analysis shows, these "uber whale addresses with over 1 million ETH" now own nearly a third of the entire Ethereum supply for the first time since July 2016. At the same time, whale transactions exceeding $1 million in ETH, October 16, was the second highest day in five weeks, with approximately 520 transfers.
Ethereum over 1 million wallets and over $1 million in transactions. Source: Santiment
At the same time, Ethereum recorded another historic moment as the number of wallets with a balance exceeded 100 million, according to the latest data shared by the blockchain analysis platform IntoTheBlock in an X post on October 18th.
It is also important to note that artificial intelligence ( AI ) algorithms used on crypto tracking website CoinCodex suggest that Ethereum may recover and continue to grow in the future, setting its price at $1,624.54 (+3.58%) next month.
On top of that, the algorithm's forecast for the next three months shows a rise to $3,002.68, which represents a 91.45% increase from its current price, whereas the website predicts Ethereum will rise to $3,967.14 (152%, 152%) in six months. It is expected to be at a growth level of 95%. .
ETH price analysis
Meanwhile, ETH was trading at $1,568.37 at press time; According to the latest data, this represents a 1.36% drop on the day, a 0.5% drop from last week, and a 4.23% loss on the monthly chart. Data as of October 18.
All things considered, the above behavior of Ethereum's biggest whales points to a growing interest and optimism among major investors for the future price growth of the second-largest cryptocurrency by market cap.
