Accumulation of Ethereum Among Whales Continues Even as ETF Excitement Slows
Despite the recent pause in excitement surrounding ETFs, Ethereumβs momentum has shown signs of slowing down. However, there is a significant trend of accumulation among large holders, commonly known as whales, even as the price of ETH remains below $4,000. This trend indicates a strong belief in the long-term potential of the altcoin, with whales increasing their holdings in anticipation of future gains.
Notable Rise in Ethereum Addresses Holding 10,000+ ETH
Recent data from Glassnode, shared by popular crypto analyst Ali Martinez, reveals a significant increase in Ethereum addresses holding 10,000 or more ETH. This shift from distribution or selling to accumulation suggests a high level of confidence among whales in the altcoin’s future prospects. This accumulation trend is seen as a positive indicator reflecting Ethereum’s price movements.
- Wallets holding at least 10,000 Ethereum accumulated 21.39 million ETH over the past 14 months, reflecting a 27% increase in their assets.
- ETH has outperformed BTC in the past month following the approval of the first spot Ethereum ETFs by the SEC.
- Analysis of $100K+ and $1M+ daily ETH transfers shows that significant whale transaction spikes occurred after the approval of spot Ethereum ETFs.
- Continued increase in the number of wallets holding 10,000 or more ETH may lead to further outperformance of prices compared to Bitcoin.
DBS Bank Identified as ETH Whale
Nansen, a blockchain analysis firm, recently identified DBS Bank, one of Singapore’s largest banks, as holding a significant amount of ETH. A crypto wallet attributed to DBS Bank contains 173,753 ETH, valued at approximately $650 million. This analysis, conducted on May 30, suggested that the bank had already generated a paper profit of $200 million from its Ether holdings.
- The ETH holdings are speculated to be held on behalf of investors through DBS’s digital exchange, serving accredited investors.
- While DBS Bank has not officially confirmed ownership of the Ethereum stash, community members believe that the assets are likely held for investors rather than as direct bank assets.
Conclusion
Overall, the continued accumulation of Ethereum among whales despite the slowdown in ETF-related excitement indicates a strong belief in the altcoin’s future potential. This trend, combined with the recent outperformance of ETH over BTC and the identification of significant ETH holdings by institutions like DBS Bank, suggests a positive outlook for Ethereum in the long run.
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