Ether Non-Exchange Whales Holding More As ETH Price Increases
The most recent Santiment data shows that the top 10 Ethereum non-exchange whale addresses are buying more Ethereum as prices increase. The same analysis shows that top exchange whale addresses are selling more during similar periods. The whale actions could be in preparation for the end of the year predicted Ethereum prices of $5k.
The Increasing Ratio in Ethereum Whale Addresses
According to Santiment, the ratio of top 10 non-exchange whale addresses over exchange addresses increases daily. Santiment is a popular crypto-focused analysis platform, and their data helps understand the crypt sphere. It often provides different statistics connected to cryptocurrencies. Recently, they released a report showing the widening ratio between non-exchange and exchange Ethereum addresses.
Exchange whales hold massive amounts of Ethereum but continuously store and trade on exchanges. Non-exchange whales hold their Ethereum in non-exchange wallets for the long term. Santiment statistics show that the latter are buying more and more Ethereum to store in wallets. Recent santiment data shows the ratio of top ten whales exchange and non-exchange whales hitting 4.02.
Further Santiment data shows that the ratio for all the top whales was about 3.162 in September. This ratio has been continually increasing in the past months. In October 2020, when the price of Ethereum was a mere $700, the ratio stood at about 0.063. Later in January 2021, the ratio hit 1.01, then 1.5 in May. Non-exchange whales are buying more Ethereum with time.
Ratio Linked to Prices
According to Santiment, the increasing ratios are continuously showing to be directly tied to Ethereum prices. Santiment on Twitter said,
“The ratio between the two has shown evidence of being tied closely to price, and this rise in ratio continues to be a good sign for bulls.”
As Ethereum prices go high, the ratio also continually increases. More top non-exchange whales purchase Ethereum, while the exchange whales sell when the price rises.
Exchange whales focus on increasing their profits, thus basing their confidence on the prevailing price actions. If the prices rise for a day, exchange whales in Ethereum often sell to increase profits; hence, the ratio reduces. The vice versa is also true.
Non-Exchange Whale Addresses Anticipating Price Increases
On the other hand, top non-exchange whales buy when prices reduce or increase. It seems that most whales believe that Ethereum will break further in 2021 and are buying more to increase their profit.
Over the whole of 2021, experts have been forecasting and re-forecasting end-of-year Ethereum prices. However, the most common predictions put Ethereum at $5k at the end of the year. Non-exchange Whales are probably purchasing more Ethereum to widen their incomes and wealth at the end of the year. However, their ongoing Ethereum purchase, even when prices reduce, shows their confidence in the coin.
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