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.
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.
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.