ETH Whales Surge to Record Levels – What Could This Mean?
Ether's top holders have reached an unprecedented total of 25 million ETH, indicating potential market movements.
Ethereum (ETH) experienced a slight drop of 1.1% on Wednesday, in a week marked by slight market improvements. The leading altcoin has entered a notably sensitive phase characterized by aggressive buying from top investors. A recent analysis indicates that wallets owning between 10,000 and 100,000 ETH collectively hold over 21 million ETH, setting a new record.
Declining Exchange Supplies
This surge in accumulation has been consistent over the past months, correlating with the asset’s gradual approach towards the $2,956 mark. This trend remains strong as holders with more than 100,000 ETH have increased their positions, raising their total holdings to approximately 4.3 million ETH. Insights from CryptoQuant suggest that this increase reflects growing confidence among institutional investors and other large-scale participants.
Simultaneously, Binance data reveals a continuous decrease in exchange-held ETH, with reserves dropping from September to about 3.764 million ETH in November. This indicates a broader transition of ETH into staking or offline storage, aligning with the accumulation trend among substantial holders.
An analysis underlines that Ethereum’s market behavior is intrinsically linked to these shifts among the major players. Historical data shows that significant whale accumulation periods often precede the creation of robust price baselines, typically leading to major price increases. With the supply on exchanges tightening and wealthy investors ramping up their stakes, the current data signals a pivotal phase in Ethereum’s long-term trajectory.
OG Whale’s Significant Move on Ethereum
Adding to the increased whale activity, Arkham has highlighted a notable trader, an ‘OG Whale,’ who previously profited nearly $200 million by betting against the market right before the crash on October 10. This trader has now adopted a bullish stance on ETH, investing an additional $10 million into a long position, which raises their total ETH long position to $44.5 million. Within just an hour of the adjustment, the position was already reporting gains exceeding $300,000.
This OG Whale has become a notable figure recently due to a series of well-timed shorts, and this new direction towards large ETH long positions suggests they may be anticipating an upward price shift.
