Ethereum Sharks and Whales Add Nearly $700 Million in $ETH in Two Days
Some of Ethereum’s largest investors have been aggressively accumulating the second-largest cryptocurrency by market capitalization at a time in which its price has started recovering from the crash the crypto space endured after the collapse of FTX.
According to data from on-chain analytics firm Santiment, Ethereum shark and whale addresses – those holding between 100 and 1 million $ETH – now own two-thirds of the cryptocurrency’s supply after adding 2.1% more over two days in an accumulation trend.
The firm noted that 561,000 $ETH, worth nearly $700 million, went into these addresses as their accumulation saw their holdings move back to pre-Merge levels.
CryptoCompare data shows that Ethereum is, at the time of writing, trading at around $1,230 per token. Its price crashed last month as the entity behind the FTX hack has sold all of its ETH on the market to buy renBTC, a tokenized version of BTC on other blockchains.
Cryptocurrency investors have been moving their funds off of exchanges in the wake of FTX’s collapse, which occurred after the trading platform invested user funds and failed to honor withdrawals during a bank run.
As CryptoGlobe reported, October was a terrific month for the second-largest cryptocurrency by market capitalization, as even during a challenging macroeconomic environment Ethereum saw its price surge by 18.4% after several positive developments for the cryptocurrency.
According to CryptoCompare’s latest Asset Report, in November, BTC and ETH both experienced a significant drop, reaching a low of $15,480 and $1,074 respectively. This was a yearly low for BTC, while ETH remained above its June 2022 lows, showing more resilience. In the second half of the year, ETH outperformed BTC, gaining 22.4% compared to BTC’s -10.8% return.
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