Ethereum Whale Accumulation Soars to Highest Rate in Two Years

Ethereum Whale Accumulation Soars to Highest Rate in Two Years

Image: Nexo

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.”

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.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

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.

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