Crypto whales aren’t stopping with Bitcoin. Data indicates large crypto investors are also accumulating Ethereum at a rapid rate.
Adam Cochran, an executive at the privacy-focused search engine DuckDuckGo, says he manually audited the top 10,000 Ethereum addresses to examine the second-biggest crypto asset’s whale activity, liquidity profitability and market manipulation.
Cochran says existing whales have increased their Ethereum positions by more than $550 million, or 4%, in the past six months, compared to the estimated total of $600 million in new capital influx Bitcoin had across all of last year.
And it’s not just existing whales who are accumulating, according to the DuckDuckGo executive.
“There are a significant number of new wallets in the top 10k who had their first transaction associated with fiat onramp exchanges that serve large scale customers (mostly Gemini, Kraken and Coinbase).
These new addresses often bought $100,000 — $250,000 worth of Ethereum, and they represent around 6% of the top 10,000 addresses (Or ~$100M in new ETH purchases in the past 6 months).”
Combined, new and existing whales have bought more than $650 million in new Ethereum purchases across the past half year, more than the entire Bitcoin inflow total in all of 2019.
And the data indicates those big investors don’t seem interested in selling their ETH holdings, either.
“Right now, there is only 19.5M ETH listed on exchanges for sale. Even though 33.6M ETH is deposited in exchanges. That’s only 58% of deposits, so whales are accumulating, not selling.
For comparison, that number has been historically more than 75%+ any time the ETH price has risen by >25%. This is the first time ever, that ETH has risen >50% and the number has been below 80%.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Victeah