Ethereum Records Notable Shark and Whale Accumulation: Santiment
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The second-biggest cryptocurrency by market capitalization, Ethereum, has seen some of its greatest investors rapidly build up their holdings at a time when the price of the coin is beginning to recover from the collapse that the crypto industry saw following the implosion of FTX.
Ethereum’s “shark and whale addresses,” those holding between 100 and 1 million ETH, now control two-thirds of the cryptocurrency’s supply, according to statistics from on-chain analytics company Santiment, which added 2.1% more over two days in an accumulation pattern.
🐳 Whales and sharks are adding more #Ethereum while prices fluctuate around $1,230. The key shark and whale addresses (holding 100 to 1m $ETH) own two thirds of the coin’s overall supply, adding 2.1% more collective coins to their bags in the past month. https://t.co/BqEAkyWvxI pic.twitter.com/tHrVitHzIj
— Santiment (@santimentfeed) December 7, 2022
The company reported that these addresses received 561,000 ETH, or about $700 million, as their holdings increased and returned to their pre-Merge levels.
At press time, the blockchain cryptocurrency traded at $1,275, as the crypto market picked up some momentum. The crypto asset’s value plummeted last month as the group responsible for the recent FTX hack sold all of its ETH on the open market in order to purchase renBTC, a tokenized form of Bitcoin on other blockchains.
In the wake of FTX’s collapse, which happened after the trading platform invested user cash and failed to honor withdrawals during a bank run, cryptocurrency investors have begun shifting their money away from exchanges.
Ethereum Fared Better Than Bitcoin in the Last Market Crash
As CryptoGlobe noted, October was a great month for Ethereum, the second-largest cryptocurrency by market capitalization, as its price increased by 18.4% following a number of encouraging developments for the currency, even in the face of a difficult macroeconomic climate.
In November, BTC and ETH both witnessed a severe decline, reaching lows of $15,480 and $1,074, respectively, according to CryptoCompare’s most recent Asset Report. For BTC, this was an annual low, but ETH displayed greater resilience by staying above its June 2022 lows. ETH outpaced BTC in the second half of the year, rising 22.4% to BTC’s decline of -10.8%.
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