104 Crypto Whales Hold 57% Of Total ETH Supply As The Daily Average Of New Ethereum Addresses Reaches 8-Month High, Santiment Says
Release: 2024/12/17 14:54 Reading: 315
Whales Accumulate Ethereum (ETH): A Promising Long-Term Signal
Data from on-chain analytics platform Santiment reveals that 104 whales now hold approximately 57% of ETH's total supply. Notably, the daily average of new Ethereum addresses has reached an eight-month high.
Each of these 104 whale wallets contains over 100,000 ETH, collectively worth $333 billion, as per Santiment's analysis.
Whale Accumulation: A Bullish Indicator
While the top 104 wallets control a significant portion of ETH's supply, other wallet metrics indicate a bullish trend. Santiment reports that addresses holding between 10 and 100,000 ETH have declined to a low of 33.46%. Additionally, the supply ratio of wallets with less than 100 ETH has plummeted to a four-year low.
Despite these recent lows, Santiment emphasizes that "it's still generally a bullish long-term signal when a coin's most prominent key stakeholders continue accumulating." The platform adds that this is especially true for an asset like ETH, which has been around for nine years and is currently experiencing its highest-ever whale holdings.
Increased Investor Interest in ETH
The whale accumulation aligns with a recent surge in new Ethereum addresses. Santiment data shows that the daily average of new addresses on the Ethereum network exceeded 130,200 this month, marking an eight-month high.
This renewed interest has contributed to ETH's recent rise above the $4,000 mark for the first time since March. As of 1:18 a.m. EST, ETH remains above this key price point, trading at $4,014.07.
ETH's Performance in the Altcoin Market
Despite the recent surge in the altcoin market, ETH's price performance has been relatively muted, with smaller cryptos like Solana (SOL) and Ripple (XRP) stealing the spotlight. However, analyst Benjamin Cowen believes this behavior is typical of ETH.
In his analysis, Cowen notes that ETH also lagged in the previous cycle, not reaching a new all-time high until January of the year following the Bitcoin halving. He predicts that ETH could see significant growth in 2025.
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