Data shows that Ethereum whales and sharks have continued to line their pockets of late, a sign that could prove bullish on the crypto’s price.
Ethereum whales and sharks bought 561,000 ETH in a single day
ETH whale and shark addresses are piling back up to pre-merger levels, according to data from analytics firm Santiment.
The relevant indicator here is the “ETH supply distribution”, which tells us which wallet groups currently hold what percentage of the total Ethereum supply.
Wallet addresses are classified into these groups based on the total number of coins they currently hold.
For example, the 1-10 Coins group includes all addresses that currently carry between 1 and 10 ETH.
In the current discussion, the interested parties are those who have at least 100 ETH and at most 1 million ETH in their balance. Here is a chart showing the trend in the combined distribution of Ethereum supply for all wallet groups that fall within this range:
The value of the metric seems to have shown a strong upward trend for the past few days | Source: Santiment
As you can see in the chart above, the percentage of Ethereum supply held by wallets in the 100-1M coin range has seen rapid growth lately.
Between the 5th and 6th of this month alone, the indicator’s value increased by 561,000 ETH.
The range of holder cohorts with wallet credit are sharks and whales. Movements by these investors (especially whales) can have a noticeable impact on the market.
The recent uptrend suggests these groups have been lining their pockets with more Ethereum of late. Such an accumulation implies that ETH whales and sharks are bullish on the crypto right now.
Earlier in the year, these gargantuan investors rallied during the merge hype and subsequently dumped the crypto in a sell-the-news event once the actual PoS transition took place (recognized by the sharp drop in the chart).
After the recent accumulation, whale and shark populations have now returned to near pre-merger levels.
ETH price
At the time of writing, Ethereum price is hovering around $1.2k, down 1% over the past week. Over the past month, the crypto has lost 21% in value.
The chart below shows the evolution of the coin’s price over the last five days.
It looks like the value of the crypto has been struggling for the past few days | Source: ETHUSD on TradingView Featured image by Todd Cravens on Unsplash.com, charts by TradingView.com, Santiment.net
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