Top Ethereum Addresses Keep Stockpiling ETH Despite Downtrend – Expert

Market Intelligence platform Santiment reports that the richest Ethereum addresses keep accumulating ETH at a rapid pace, even as prices languish around $1,500. The data suggests wealthy holders are positioning for the long term despite current bearishness.

Source: Santiment – Start using it today

According to Santiment, the top 10 non-exchange Ethereum wallets hold a collective 39.22 million ETH – representing massive consolidated holdings outside of trading platforms.

Additionally, just 8.51% of total ETH supply currently sits on exchanges—a 2-year low. With less Ether parked on trading venues, it signals diminished selling pressure from short-term speculators.

The combination of surging whale buying along with ongoing exchange outflows paints a decidedly bullish long-term picture. Top ETH owners appear to be scooping up discounted tokens ahead of the next cycle.

It affirms that the wealthiest crypto investors retain a high-conviction outlook on Ethereum amid the protracted downturn. Even after plunging from all-time highs, big buyers are treating sub-$2,000 ETH as an opportunity.

Santiment concludes that both retail and institutional whales are positioning for the future rather than capitulating, an encouraging sign during times of extreme fear.

However, the analyst community remains divided on whether macro conditions will delay Ethereum’s next bull run despite strengthening on-chain fundamentals.

While the actions of elite whales signal long-term optimism, ETH may still face significant technical resistance as it attempts to reverse its multi-month downtrend. But if the richest hodlers maintain their aggressive accumulation, supply shocks could spur a violent repricing at any moment.

For now, Ethereum’s wealthiest stakeholders are sending a clear message – they expect brighter days ahead, even as weaker hands waver. Their on-chain footprints indicate that under the surface, accumulation continues unabated.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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