Data from crypto intelligence platform reveals that big money players are quietly accumulating Ethereum amid a surge in the value of the second-largest cryptocurrency.
In a new Twitter post, Santiment tells its 36,600 followers that the number of addresses holding more than 10,000 ETH has increased over the last two months while addresses that own 10,000 ETH or less have decreased over the same stretch.
“With ETH crossing $750 for the first time in 31 months, we’ve discovered that there are 39 more Ethereum addresses holding 10,000+ ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 ETH have shrunk over this time.”
Santiment’s chart also reveals that the number of addresses holding 1 – 100 ETH plummeted on December 19th. The crypto insights firm notes that a problem related to decentralized finance (DeFi) could have ignited the sharp decline.
“This massive drop from two weeks ago from this group surprised us, too. It could very well have been a DeFi-related anomaly, considering just how big the drop-off was.”
As the number of small-time ETH holders takes a nosedive, crypto trader Alex Saunders says the signal bodes well for the future of the leading smart contract platform.
“Whales accumulate ETH as retail sells. This is exactly what happened to BTC at $10,00 – $13,000 before blast off.”
While Bitcoin keeps reaching new all-time highs, Ethereum has yet to revisit its 2018 record peak of $1,432. At the time of writing, Ethereum is trading around $730, a level that’s nearly 50% lower from its record high witnessed almost three years ago.
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