Large Ethereum Addresses Increase ETH Accumulation

close up of ethereum on a stack of bitcoin golden PFQATUX 2 scaled

Ethereum (ETH), the world’s second most valuable digital currency, touched nearly $2,100 today after the overall market cap of cryptocurrencies jumped by approximately $50 billion in the 24 hours. Due to the latest price surge, Ethereum’s on-chain activity is showing some signs of recovery.

According to the latest data published by crypto analytics platform Santiment, Ethereum whale addresses holding between 10,000 and 1 million ETH now own a total of 60.5 million coins. Large Ethereum addresses accelerated the accumulation of ETH since the start of this week.

“Ethereum whales that hold between 10k and 1m ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since 5 weeks and represents a 1.65m ETH accumulation in the past 6 days,” Santiment mentioned.

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During the last seven days, ETH remained the top-performing cryptocurrency with a substantial gain of nearly 12%. Currently, the cryptocurrency is trading above $2,060 with a market cap of over $240 billion. ETH’s crypto market dominance spiked above 18% on Friday, its highest level in nearly three weeks.

Ethereum Whales

Significant ETH transfers have increased in the last few days amid a jump in the volatility of the world’s second-largest cryptocurrency. On 12 July 2021, a prominent ETH wallet moved 40,000 coins from the crypto exchange Gemini to a digital wallet. Whale Alert, a blockchain tracking firm, recently highlighted the movement of 145,363 Ethereum to an unknown digital wallet. The total value of the mentioned transfer currently stands at around $292 million.

According to the recent weekly digital fund flows report published by CoinShares, Europe’s leading crypto asset management firm, Ethereum-related investment products attracted $11.7 million worth of inflows last week, compared to outflows worth $10.4 million from BTC investment products. In July’s research note, Goldman Sachs highlighted the growing popularity of Ethereum and mentioned that ETH has the potential to overtake Bitcoin (BTC) in the future.

Ronnie Huss

Ronnie Huss

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