Ethereum accumulation by whales and sharks has soared to the highest level in two years, analysis of data by Santiment shows. They are snapping up ETH at a significant rate, which could trigger a price increase, similar to the situation in 2020.
According to cryptanalytic agency Santiment, wealthy Ethereum investors who own especially large holdings are buying up ETH at a significant rate. The agency stated that the last such event occurred in 2020 and triggered a significant rise in the cryptocurrency, which saw ETH rise by 50% in just a month.
“Ethereum's active shark and whale addresses continue accumulating with prices less than a quarter of their all-time high levels a year ago. In Oct/Nov 2020, these 100 to 100,000,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks.”
🐳🦈 #Ethereum's active shark & whale addresses continue accumulating with prices less than a quarter of their #AllTimeHigh levels a year ago. In Oct/Nov 2020, these 100 to 100k $ETH addresses assisted in pushing $ETH to a +50% price rise over 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj— Santiment (@santimentfeed) November 23, 2022
Earlier this week, Santiment discovered that ETH whales bought a staggering $1.03 billion worth of Ethereum in just one day, representing the fifth-largest single-day purchase by the largest group of whales in the past year.
The analytics firm also notes that Arbitrum’s Tier 2 scaling solution is starting to compete with the second-largest crypto asset by market capitalization in terms of stablecoin usage. According to Santiment, even though stablecoin usage on Ethereum dwarfs that of Arbitrum, usage of dollar-pegged virtual assets on Arbitrum has recently doubled while their usage on ETH has only been slightly increasing.
Ethereum is trading for $1,204 per coin at the time of writing.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.