Rapid increase in accumulation of Ethereum (ETH) among large-scale investors, or ‘whales,’ making waves on cryptocurrency market
The number of Ethereum whales — investors who hold a significant number of coins — has been on a steep climb recently.
According to data from IntoTheBlock, these holders now control a massive 30.07 million Ether (ETH), marking a significant rise from the 26.56 million ETH they held at the start of 2023.
This growth, representing an increase in holdings of addresses that own over 0.1% of the supply, suggests ongoing and enthusiastic accumulation of the world’s second largest digital currency by market capitalization.
Meanwhile, the market is observing a striking difference in behavior among various groups of Ethereum holders.
In the past 30 days, long-term holders, or hodlers (holding their coins for over a year), have increased their holdings by 4.54%. Conversely, midterm holders, or cruisers (holding for 1-12 months), saw a slight decrease in their balance by 0.38%, and short-term holders, or traders (holding for less than a month), saw a significant decrease by 17.5%.
Over the past 24 hours, the Ethereum (ETH) price managed to record a minor gain of 1.8%, with the currency now trading around $1,814.54.
In the grand scheme of Ethereum’s holdings distribution matrix, the vast majority of addresses hold less than 0.1 ETH, accounting for a relatively minor percentage of the total coins. On the other end of the spectrum, the addresses holding between 1,000 and 100,000 ETH — primarily composed of institutional investors and whales — represent a significant portion of the coin’s total supply.
Their current holding value is estimated to be approximately $70.09 billion, underlining the profound influence these entities have over the Ethereum market.