On-chain data shows Ethereum whales have added $1 billion more to their holdings recently, something that could be bullish for the crypto\u2019s price.<\/p>\n
As per data from the analytics firm Santiment<\/a>, this jump in the whale holdings is the 5th largest in this year so far.<\/p>\n The relevant indicator here is the \u201cSupply Distribution,\u201d which tells us the percentage of the total Ethereum supply that each wallet group has right now.<\/p>\n Wallets are divided into these groups based on the number of coins they are currently holding. For example, the 1-10 coins group includes all wallets that are storing amounts in this range at the moment.<\/p>\n The Supply Distribution metric for this cohort then measures what percentage of the total supply is made up by the sum of coins in these wallets specifically.<\/p>\n Now, here is a chart that shows the trend in this Ethereum indicator for the 10k-1m coins group over the last twelve months:<\/p>\n\n Looks like the value of the metric has sharply gone up in recent days | Source: Santiment<\/a><\/p>\n The significance of the 10k-1m coins group is that it represents the wallets owned by large Ethereum whales<\/a>. In the USD, this range corresponds to holdings worth between $10.9 million and $1 billion.<\/p>\n As you can see in the above graph, the Supply Distribution value for this ETH wallet group has shot up recently.<\/p>\n This latest spike amounts to an increase of 1.8%, which means these whales have added almost 1 million ETH more to their holdings now. At the current exchange rate, this amount converts to more than $1.1 billion.<\/p>\n In the past year, there have only been four instances where this Ethereum indicator has seen a larger single day increase.<\/p>\n Interestingly, during these past few occurrences where whales added similar amounts to their holdings, ETH vs BTC price chart grew by an average of 3.2% in the days following the pattern formation.<\/p>\n Related Reading: Latest Findings Show Bitcoin Holders Under Fire As Price Continues To Sink<\/a><\/p>\n If a similar trend follows this time as well, then the current accumulation<\/a> from whales may also have a bullish impact on the price of Ethereum in the coming days.<\/p>\n At the time of writing, Ethereum\u2019s price<\/a> floats around $1.1k, down 4% in the last week. Over the past month, the crypto has lost 13% in value.<\/p>\n Below is a chart that shows the trend in the price of the coin over the last five days.<\/p>\n\n The value of the crypto seems to have plunged down during the last couple of days or so | Source: ETHUSD on TradingView<\/a> <\/p>\n On-chain data shows Ethereum whales have added $1 billion more to their holdings recently, something that could be bullish for the crypto\u2019s price.<\/p>\n As per data from the analytics firm Santiment<\/a>, this jump in the whale holdings is the 5th largest in this year so far.<\/p>\n The relevant indicator here is the \u201cSupply Distribution,\u201d which tells us the percentage of the total Ethereum supply that each wallet group has right now.<\/p>\n Wallets are divided into these groups based on the number of coins they are currently holding. For example, the 1-10 coins group includes all wallets that are storing amounts in this range at the moment.<\/p>\n The Supply Distribution metric for this cohort then measures what percentage of the total supply is made up by the sum of coins in these wallets specifically.<\/p>\n Now, here is a chart that shows the trend in this Ethereum indicator for the 10k-1m coins group over the last twelve months:<\/p>\n Looks like the value of the metric has sharply gone up in recent days | Source: Santiment<\/a><\/p>\n The significance of the 10k-1m coins group is that it represents the wallets owned by large Ethereum whales<\/a>. In the USD, this range corresponds to holdings worth between $10.9 million and $1 billion.<\/p>\n As you can see in the above graph, the Supply Distribution value for this ETH wallet group has shot up recently.<\/p>\n This latest spike amounts to an increase of 1.8%, which means these whales have added almost 1 million ETH more to their holdings now. At the current exchange rate, this amount converts to more than $1.1 billion.<\/p>\n In the past year, there have only been four instances where this Ethereum indicator has seen a larger single day increase.<\/p>\n Interestingly, during these past few occurrences where whales added similar amounts to their holdings, ETH vs BTC price chart grew by an average of 3.2% in the days following the pattern formation.<\/p>\n Related Reading: Latest Findings Show Bitcoin Holders Under Fire As Price Continues To Sink<\/a><\/p>\n If a similar trend follows this time as well, then the current accumulation<\/a> from whales may also have a bullish impact on the price of Ethereum in the coming days.<\/p>\nETH Price<\/h2>\n
\nFeatured image from Abigail Lynn on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>","protected":false},"excerpt":{"rendered":"Ethereum Whales Now Hold 947,940 ETH More In Their Wallets<\/h2>\n
ETH Price<\/h2>\n