Ethereum Whales are ‘Rapidly’ Accumulating $ETH As Crypto Prices Drop, Says Analytics Firm
Ethereum ($ETH) whale and shark addresses are reportedly “rapidly” accumulating the second-largest cryptocurrency by market capitalization at a time in which cryptocurrency prices have taken a bearish turn.
According to cryptocurrency analytics firm Santiment, Ethereum wallets with between 100 and 100,000 $ETH in their wallets have been increasing their holdings by over 3.5% over the past 12 days, to now hold their largest percentage of the cryptocurrency’s supply since July 2021.
CryptoCompare data shows that Ethereum is, at the time of writing, trading at around #1,140 per toke, down from the $1,200 level Santiment mentioned, as the entity behind the FTX hack has sold all of its ETH on the market to buy renBTC, a tokenized version of BTC on other blockchains.
Ethereum was trading t $1,250 a week ago, and has been steadily dropping during the bear market from its all-time high near the $5,000 mark. At the beginning of the year, the cryptocurrency was trading close to the $4,000 mark per token.
Notably, as Daily Hodl reported, crypto analytics firm Glassnode has revealed Ethereum balance on exchanges has recently hit a 4-year low as investors move their funds off of exchanges.
Cryptocurrency investors have been moving their funds off of exchanges in the wake of FTX’s collapse, which occurred after the trading platform invested user funds and failed to honor withdrawals during a bank run.
As CryptoGlobe reported, October was a terrific month for the second-largest cryptocurrency by market capitalization, as even during a challenging macroeconomic environment Ethereum saw its price surge by 18.4% after several positive developments for the cryptocurrency.
According to CryptoCompare’s latest Asset Report, during the month of October, the price of Ethereum rose 18.4% while the flagship cryptocurrency Bitcoin rose 5.49. The S&P 500 index, meanwhile, rose by 5.26%, while the NASDAQ rose by 1.56%.
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