Ethereum Whales Show Sustained Accumulation, On-Chain Data Shows

According to data from blockchain research firm Santiment, ETH whales have been accumulating over the last two weeks. Since the beginning of the year, they have broken out of a sustained ownership decline and now possess over 12% of the supply. In this perspective, ETH whales are addresses that have between 1000 and 10,000 ETH. At current prices, that’s between $3 million and $30 million worth of ETH. Whale ownership was at 12.07 percent of ETH supply on Thursday, up from 11.92 percent a few days earlier. In recent months, whales have seldom shown any consistent accumulation. Though wealth concentration among wealthy owners peaked in December, it has since steadily dropped. Accumulation is usually related to higher pricing, as it indicates that a particular cryptocurrency has grown rarer in the market. After what seemed to be a $1.6 billion whale buy in October, Bitcoin’s price promptly burst higher. The price of ETH, on the other hand, has yet to respond positively and is still in the midst of a week-long fall. In general, the price of ETH is still highly associated with the price of Bitcoin.The post Ethereum Whales Show Sustained Accumulation, On-Chain Data Shows first appeared on Cryptoknowmics-Crypto News and Media Platform.The post Ethereum Whales Show Sustained Accumulation, On-Chain Data Shows appeared first on Cryptoknowmics-Crypto News and Media Platform.