Ethereum Whale Addresses Have Amassed 1.54M ETH Since October 1

With the price drop in December and January, Whale Ethereum addresses held on to their bags, and their patience was rewarded handsomely during the comeback to $3,120. In fact, since Oct. 1, 100k+ $ETH addresses have gained 1.54M $ETH, a $4.8B gain.

Whales are Accumulating ETH Quietly

Ethereum whales are accumulating ETH quietly while the market struggles. Ethereum has yet to recover to former levels after collapsing with the market during the last meltdown. Sell-offs and liquidations erupted in all directions during the crash. Even when the price fell, these activities continued. Fear of a bear market prompted investors to sell before the price plummeted even more. This dumping trend, however, was not followed by everyone.

In the cryptocurrency market, whales have always acted differently than regular investors. Nothing had changed this time.

While investors panicked and liquidated their ETH holdings at low prices, these whales silently ate up the ETH that was dumped on the market, cementing their domination once again.

Ethereum is having trouble Staying Afloat

Ethereum has struggled to recover in the market since plunging to a low of $2,100. It did manage to reclaim the $2,400 mark. Since then, however, ETH has been unable to maintain any meaningful upward momentum.

According to indicators, the second-largest cryptocurrency by market capitalization appears to be losing steam this week. It had already tested the $2,700 level on Wednesday but then dropped to $2,400.

For the first time in a year, ethereum is trading below its 5-day, 20-day, 100-day, and 200-day moving averages. As support from whales wears off, market sentiment remains pessimistic, and a further downturn is possible.

Number of Ethereum addresses with 0.1 ETH Reaches an all-time high

Although the price of Ether (ETH) reached two new all-time highs in 2021, the rate of new address growth was not highly connected with price surges. Since October, the network has grown by around 10 million addresses.

While aggregate numbers are increasing, the proportion of active addresses on the network decreases. On January 1, 2021, active addresses accounted for 1.05% of all addresses, peaked at 1.66 percent on April 25, and have subsequently decreased to 0.86 percent as of February 15.

Since the beginning of 2021, the number of whales with more than 1,000 ETH has decreased. Glassnode, an on-chain analytics startup, stated on February 13 that whale wallets had dropped to a four-year low of 6,226.

As holders of about $300 in ETH reach a new all-time high, there are now more little Ethereum holders in crypto than ever before. The number of accounts holding at least 0.1 Ethereum (ETH) has reached an all-time high, as per Glassnode data. Although the holdings are still small, it’s a statistic of acceptance that’s already causing a stir among Bitcoin users.

According to a prior report from the data source, those with less than 1 BTC are deemed “shrimps” on the crypto food web.