Largest Ethereum Holders Continue to Accumulate
Data from on-chain analytics firm Santiment reveals that the largest non-exchange Ethereum wallets have been rapidly accumulating more of the cryptocurrency recently. The “supply held by top non-exchange addresses” metric tracks the total amount of Ethereum held by the 150 largest self-custodial wallets. An increase in this metric indicates bullish sentiment among these whale entities, while a decline suggests selling activity. In contrast, the top 150 exchange-bound wallets have remained flat, indicating low selling pressure. This accumulation by self-custodial whales combined with low exchange wallet levels may bode well for Ethereum’s long-term outlook.
Ethereum Price
While Bitcoin has experienced a recovery from its recent crash, Ethereum has only seen a modest rebound, with its price currently hovering around $2,250.
Hot Take: Optimistic Long-Term Outlook for Ethereum
The continued accumulation of Ethereum by the largest holders, coupled with low selling pressure from exchange-bound wallets, suggests a positive long-term outlook for the cryptocurrency. Despite its slower rebound compared to Bitcoin, Ethereum’s fundamentals remain strong, and the accumulation trend among whale entities reflects confidence in its future prospects.
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