Ethereum Whales Accumulating at Record Levels – Hints at Potential Bull Run Like 2017

Ethereum whales, defined as addresses holding at least 1 million ETH, now hold 32.3% of the total ETH supply according to data from on-chain analytics firm Santiment. This is the highest percentage these mega-whales have held since 2016.

With ETH trading around $1,565 at the time of this report, these billionaire tier addresses hold a combined $50+ billion worth of Ethereum. The increasing accumulation by whales suggests strong confidence in Ethereum’s long-term outlook despite recent price volatility.

Source: Santiment – Start using it today

The last time Ethereum whale holdings reached similar levels was in 2016, right before ETH staged a massive bull run throughout 2017. After trading under $10 in 2016, Ethereum prices skyrocketed to highs of $1,400 by early 2018 – a 14,000%+ increase!

Whales accumulating ETH is a bullish sign for the asset’s future price appreciation based on historical trends. In addition to whale accumulation, Santiment also noted that transactions valued at $1 million or higher had their second highest day in 5 weeks on Monday. Large individual transfers often precede major price moves as wealthy investors rebalance their portfolios.

The on-chain data paints a picture of renewed interest in Ethereum from large investors. With the Merge completed in September transitioning ETH to a proof-of-stake consensus model, positive technical developments alongside bullish whale behavior could signal the start of Ethereum’s next price growth cycle.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.