According to analytics firm Santiment, leading non-exchange ETH addresses have continued to increase their supply of coins as of late. An interesting metric is the “amount of coins held by leading non-exchange addresses,” which measures the total amount of Ethereum held in the combined balance of the top 10 addresses held outside of centralized exchange platforms at this time.
Naturally, such huge self-guarding addresses can only belong to whales. And since here we are talking specifically about the ten largest addresses, the owners of which are not just ordinary whales, but the largest of them.
These investors are the most powerful participants in the network (besides centralized platforms) due to the sheer volume of coins they can move at once. Thus, their total number can be an interesting observation, since any changes in it can be significant for the market.
Now let's look at a graph showing the trend in the number of coins of these Ethereum mega whales over the past few years:
As shown in the chart above, the amount of Ethereum held by the top 10 non-exchange addresses has generally been increasing for several years now. It wasn't until the first bear market rally that this trend was broken when this number decreased, indicating that some of these whales took the opportunity to exit the market. During the rest of the barket, the indicator mostly moved horizontally, but with the start of this year's rally, large self-storing addresses began accumulating coins again.
The Santiment chart also provides data for another indicator - the number of coins held by leading exchange addresses. The graph shows that the number of coins in the 10 largest wallets on centralized exchanges declined during the same period that self-storing mega-whales flourished.
The number of coins in leading exchange addresses has now dropped to 6.78 million ETH, which is the lowest value since September 2015, when the cryptocurrency first became available for public trading.
The movement of the two lines in opposite directions indicates that the largest whales have begun to withdraw their coins from these platforms as they increasingly like to store them in addresses to which they control the keys themselves.
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