The total number of Ethereum (ETH) whale addresses just hit a 10-month high. The crypto data analytics firm Santiment says the top 100 non-exchange wallets now collectively hold more than 21,800,000 ETH.
Santiment says the amount is equivalent to $4.5 billion. However, at time of writing, ETH has surged from $201 to $219, making the cumulative holdings of the top Ethereum addresses worth nearly $5 billion. According to the analysts, this marks the largest collective balance among the top 100 whale wallets.
The firm adds that addresses holding large amounts of Ether continue hoarding the cryptocurrency and that the buying spree among these large investors is likely driving a surge in ETH prices.
2/ 100 addresses since May, 2019.
In the last two days alone, these top $ETH whale addresses have added an additional 145,000 $ETH (about $30,300,000) as the price of #Ethereum grew by a bit over 4% in this timeframe. pic.twitter.com/XGERW53POB
— Santiment (@santimentfeed) May 28, 2020
Ryan Watkins, a research analyst at crypto data tracker Messari, is closely watching the balance between Ether and the numerous tokens that have been built on the Ethereum blockchain.
“ERC-20 tokens are approaching 50% of the total value stored on Ethereum. Over the past two years there has been a complete transformation in how value is stored and transferred on the Ethereum blockchain.
ETH is increasingly close to being flipped on its own blockchain. Whether or not it does will likely depend on the growth of stablecoins vs growth in the value of ETH.
Nevertheless, this transformation in value on Ethereum is not just about assets being stored. They’re also being used to move significant amounts of value. Driven by the growth of stablecoins, Ethereum is on pace to settle more than $530 billion this year.”
Scott Melker, also known as the “The Wolf Of All Streets” on Twitter, remains bullish on ETH, and predicts that Ethereum is poised to outperform Bitcoin.
— The Wolf Of All Streets (@scottmelker) May 28, 2020
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/SasinTipchai