Ethereum Whales Increase Holdings, Potentially Influencing Price Trend

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Ethereum’s Future: Whales Making Waves

The so-called “whales”, or large investors, have increased their influence on the entire Ethereum supply over the past six months. According to current reports, Ethereum whales currently hold around 38% of the total supply. Over the course of the year, Ethereum whales have continuously made strategic moves, leading to a significant increase in their holdings.

Ethereum Whales Accumulate More Supply

According to IntoTheBlock, the proportion of Ethereum supply held by large investors has increased over the year. The data showed growth from 32% in January to about 35%. Further investigation of the whale holdings on Santiment also showed an increase. Initial observations of the chart showed a clear upward trend in recent months. In August, the share of whale holdings was about 34%, but at the time of writing, it was over 38%.

Ethereum: Supply on Exchanges Continues to Decline

The Ethereum supply on exchanges has shown minimal fluctuations recently. However, it has shown a significant decline over the past six months. The chart analysis showed a decrease of almost 1 million units between August and today. At the time of writing, the exchange supply was about 10.51 million. When connecting the trends in the exchange supply and the holdings of Ethereum whales, one could conclude that accumulation by large investors has influenced the total supply. The reduction in supply on exchanges suggests a decrease in liquidity, which could have a positive impact on the price trend.

Ethereum Uptrend Comes to a Standstill

The examination of the daily price trend of Ethereum showed a continuous accumulation by whales at various price levels. Prior to this recent report, the chart showed a continuous increase in the ETH value over the past six days. The upward trends led to a value increase of around 11%. At the time of writing, however, there was a slight decrease of almost 2%. Despite the decline, it was able to maintain a stable price of around $2,200. It is noteworthy that if the proportion of the supply held by these whales begins to shrink, this could signify capitulation. This is an important consideration as a significant release of volume onto the exchanges could negatively impact the price trend.

Sources: IntoTheBlock, Santiment, TradingView

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