Ethereum whales have been making the most of the current bear market by accumulating ETH after the Ethereum merge.
Whales are said to have amassed $3.5 million worth of ETH over the past month. According to Santiment data, the top 10 non-exchange whales on Ethereum have added 6.7% more ETH to their wallets.
Ethereum Whales Are Expecting ETH Returns
According to the most recent statistics, these “whales” are holding onto their recently purchased ETH tokens in expectation of future gains.
Non-exchange whales of Ethereum presently possess $23.7 million in ETH. Santiment statistics also revealed that the top 10 exchange addresses for ETH had seen an increase in accumulation of 0.2%. These exchange whales are now holding about 8.7 million ETH.
ETH Price Movement
The recent price movement of Ethereum has been erratic. Even though after the blockchain’s switch from proof of work to proof of stake, the token’s burn mechanism greatly improved, the price of the token has been stuck between $1300 and $1600. Although Ethereum’s price is currently fluctuating, the fact that the whales are buying up significant sums of ETH is often an optimistic sign.
As previously revealed by Planet Crypto, whales have been actively amassing significant sums of Bitcoin and Ethereum with the goal of “hodling” the acquired crypto assets. Many traders and whales have benefited from Binance‘s exchange discount because of the exchange’s zero-fee Bitcoin trading option. Many traders believe that following the recent price increases in Bitcoin and Ethereum, the top 2 cryptocurrencies will remain above their previous resistance levels before making their next move.