HomeNewsEthereum's Biggest Whales Show Confidence in Market as Holdings Hit Record High

Ethereum’s Biggest Whales Show Confidence in Market as Holdings Hit Record High

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  • Ethereum’s largest whales, the top 10 self-custodial wallets, have increased their Ethereum holdings, reaching a new all-time high.
  • The supply held by the top 10 non-exchange addresses hit a new record high of 33.47 million ETH, suggesting strong market confidence.

The digital landscape is buzzing as recent on-chain data indicates that Ethereum’s most substantial whales are not done accumulating. The largest Ethereum wallets, excluding those on centralized exchanges, have recently reached a new record in their Ethereum holdings.

Santiment, an on-chain analytics firm, points out that the indicator under consideration is the

“supply held by the top non-exchange addresses”.

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This measure tracks the total Ethereum owned by the ten most abundant addresses outside of centralized exchange platforms. It’s worth noting that the entities capable of owning these colossal self-custodial addresses would be the whales, specifically the top 10 ones – arguably the most influential players on the Ethereum network, aside from centralized platforms.

The chart depicting the trend in the holdings of these mega Ethereum whales over the last few years suggests an overall bullish trend, with some intermittent breaks. A significant drop during the first bear market relief rally implies some whales cashed out, possibly to de-risk. However, this accumulation trend has regained momentum this year, showing that these heavy-hitter addresses have resumed stacking up on Ethereum.

Interestingly, the same data set also presents an inverse correlation with the holdings of the top 10 wallets on centralized exchanges. As the holdings of these self-custodial behemoth whales increased, the supply within top exchange wallets experienced a decrease. This decrease has been particularly noticeable recently, bringing the supply down to 6.78 million ETH, the lowest since September 2015 when Ethereum first launched for public trading.

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The diverging movement of these two lines implies a strategic migration of the whales’ assets away from exchange platforms to self-custodial addresses, which they exclusively control. This strategy further fortifies the autonomy of these whales, allowing them full ownership and control over their holdings.

The culmination of these shifts has resulted in the Ethereum holdings of the top 10 non-exchange addresses hitting a record high of 33.47 million ETH. This high-water mark indicates strong market confidence from Ethereum’s heaviest hitters and may shape future market dynamics.

As of the moment, Ethereum trades near $1,800, demonstrating an 8% increase over the past week.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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