• Mon. Jun 17th, 2024

Ethereum whales scooped 3.5 million ETH in 30 days: Santiment

Ethereum whales with 1 million or more of Ether in their wallets added 3.5 million tokens, or over $4.5 billion worth of ETH in 30 days.

Santiment, a market intelligence firm covering on-chain and social metrics for over 2,500 cryptocurrencies, says more whales have bought Ether, the native token on the Ethereum blockchain.

As CoinJournal recently highlighted, Ethereum is one of top 3 coins popular with whales, and indeed, large whales accumulating ETH has pushed the total holdings by such addresses to an all-time high above 28.5 million ETH.

Billionaire whales scoop $4.5 billion worth of ETH from weak hands

According to Santiment data, Ethereum billionaire addresses that hold at least 1 million ETH have continued to accumulate Ether despite the bear market.

In the 30 days since around 11 September this year, the number of whales with 1 million or more of Ether has grown to 132 addresses. 

On-chain data shows the accumulation began just before the Ethereum merge, and has continued throughout September, and first half of October, with 14% more Ether added by these top holders to account for over $4.5 billion worth of ETH scooped from weak hands.

In its latest analytics outlook, the platform points out ETH held by billionaire addresses has reached an all-time high of 28.55 million ETH-  well over $36 billion as per the latest Ethereum price of $1,287 per token.

Elsewhere on-chain data shows Ethereum’s active addresses count has hit its lowest level in 4 months. Santiment says the trend has held with post-merge price stagnation a factor.

Ethereum has been bound below $1,400 since mid-September when it dropped from highs of $1,470.

The post Ethereum whales scooped 3.5 million ETH in 30 days: Santiment appeared first on CoinJournal.