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    Home » Crypto News » Buying Spree: The Top 10 Ethereum Wallets Now Own 20.58% of ETH’s Supply

    Buying Spree: The Top 10 Ethereum Wallets Now Own 20.58% of ETH’s Supply

    Author: Jordan Lyanchev

    Last Updated Jul 14, 2021 @ 17:42

    By increasing their holdings by more than 2% in 40 days, the top ten Ethereum wallets now own about 20.5% of all the asset’s overall supply.

    The largest Ethereum whales have taken advantage of the recent slump of ETH’s price and bought more. As a result, the top ten wallets now own over 20% of the asset’s total supply, says on-chain data.

    Top 10 ETH Accounts Own More Than 20% of Supply

    By examining the behavior of the top ten largest ETH addresses, the analytics resource Santiment outlined their selling and accumulation phases in the past few months.

    In fact, they had taken profits in mid-May as the asset’s price skyrocketed to its all-time high of around $4,400. At the time, those addresses had sold off some portions, and they were responsible for 18.46% of all ETH in circulation.

    However, as the asset started retracing, they resumed buying once again. CryptoPotato has reported several massive purchases made by Ethereum whales in the past two months.

    Santiment outlined now that they have “accumulated 2.12% more of ETH’s total supply in the last 41 days.” As a result, the top ten addresses own 20.58% of the asset’s supply, while the second-largest cryptocurrency has lost more than 50% of its USD value.

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    Ethereum Top 10 Largest Addresses. Source: Santiment
    Ethereum Top 10 Largest Addresses. Source: Santiment

    ETH Sitting on Exchanges Decreases

    Aside from large wallets that can impact the underlying asset’s price should they decide to sell off considerable portions, another aspect that can provide the overall landscape about investors’ views is the coins stored on exchanges.

    And, in ETH’s case, the situation seems somewhat favorable. Data from CryptoQuant shows that the all exchanges netflows have been negative in the past few weeks after being positive (meaning sizeable deposits to trading venues) for a while.

    If the metric is positive, it indicates that the supply that could be sold on exchanges has increased, and vice-versa.

    Ethereum All Exchanges Netflows. Source: CryptoQuant
    Ethereum All Exchanges Netflows. Source: CryptoQuant

    At the same time, the number of ETH tokens locked in the Ethereum 2.0 deposit contract continues to rise. After staking 100,000 coins in a day in late June, there’re now more than six million tokens staked. From a USD point of view, this means roughly $12 billion as of today’s prices.

    ETH Locked in Ethereum 2.0 Deposit Contract. Source: CryptoQuant
    ETH Locked in Ethereum 2.0 Deposit Contract. Source: CryptoQuant
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    Tags: Ethereum Ethereum (ETH) Price Ethereum 2.0
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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