Ethereum Whales Continue to Accumulate ETH
Ethereum whales have been consistently buying more ETH, demonstrating their strong support for the leading altcoin. In recent weeks, these whales have increased their purchases, resulting in a record high of 56.25 million ETH held by the largest private wallets, accounting for 46.8% of the total circulating supply.
Ethereum Price Range and Recovery
Currently, Ethereum is trading within a range, fluctuating between $2,434 and $2,127 over the past month. However, the crypto has shown signs of recovery and is gaining momentum above $2,200.
Whale Accumulation and Exchange Withdrawals
Despite the price fluctuations, Ethereum whales continue to accumulate ETH in their wallets. This has led to an increase in the overall count of ETH held by top addresses. At the same time, these whales are withdrawing their holdings from exchanges, resulting in the lowest levels of ETH on exchange-owned addresses in over five years.
Possible Reasons for Increasing Whale Accumulation
The recent surge in whale acquisitions can be attributed to the positive outlook for cryptocurrencies, particularly with the potential approval of Bitcoin and Ethereum spot ETFs in the US. This anticipation may be driving whales to accumulate more ETH in anticipation of further price growth.
Long-Term Price Support and Buying Power
The accumulation of ETH by Ethereum’s largest whales is a positive indication for long-term price stability as it suggests confidence in future price increases. Additionally, their significant buying power helps establish support levels by reducing the available supply of ETH for sale.
Steady Deposits and Growth in Liquid Staking Protocols
Liquid staking protocols have seen consistent deposits throughout 2023. Data from DeFiLlama shows that currently, 12.3 million ETH, worth $27.585 billion, is locked in ETH liquid staking derivatives. This represents an 80% growth compared to the 6.8 million ETH locked in January 2023.
Hot Take: Ethereum Whales Boost Confidence and Price Potential
The continuous accumulation of ETH by Ethereum whales signals their confidence in the cryptocurrency’s future and its potential for price growth. These large-scale purchases contribute to price stability and support by reducing the available supply of ETH on the market. With the anticipation of Bitcoin and Ethereum spot ETF approvals, this trend may continue, driving further price increases in the coming months.
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