Ethereum, which performed very poorly against Bitcoin this year, rose to $ 2,100 during the year.
Currently trading approximately 25% below this level, ETH is at $1,578 at the time of writing.
While ETH remains at low levels, on-chain data provider Santiment said ETH is concentrated in the hands of whales.
Accordingly, Santiment reported that as of October 18, billionaire Ethereum investors with more than 1 million ETH held 32.2% of the available supply for the first time since 2016.
In addition to this record figure, Santiment added that Ethereum transactions exceeding $ 1 million reached the second highest day of the year.
“Billionaire-tier whale addresses on Ethereum (holding at least 1 million ETH) now hold 32.3% of the available supply for the first time since 2016.
“Yesterday’s Ethereum transactions exceeded $1 million and were also the 2nd highest day of the year.”
Stating that these developments are a historical moment in ETH, Santiment did not comment on the ETH price.
Santiment also did not specify whether those holding these figures include organizations such as centralized exchanges or stablecoin issuers that hold a lot of ETH.
🐋 #Ethereum’s whale addresses in the #billionaire tier (holding at least 1M $ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday’s transactions valued at $1M+ also had its 2nd highest day in 5 weeks. History is being made. https://t.co/sywdtn14k5 pic.twitter.com/SdbSrChJCf
— Santiment (@santimentfeed) October 17, 2023
Apart from Santiment, Glassnode also shared important ETH data. According to this data, Ethereum whales holding 1,000 or more ETH are gradually reducing their assets, and whales appear to have sold approximately $20 million in ETH since 2020.
In addition, Glassnode added that it protects the assets of Bitcoin whales holding more than 1,000 BTC.
Time will tell whether Ethereum sales will continue and whether these sales will affect the ETH price.
*This is not investment advice.
