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Ethereum (ETH) whale wallets are constantly on the rise

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The Ethereum public addresses that they contain at least 10,000 ETH are constantly increasing.

On Saturday, before the new ATH was touched, there were 1,211, and after the record they rose even more, now becoming 1,225.

Santiment reports this in Twitter, showing a graph that clearly shows a significant increase in the directions of these whales in recent times.

At the end of September last year, amid the boom in the DeFi sector, they had dropped to 1,134, probably precisely because ETH tokens were being used to trade or transact DeFi tokens.

Since then, a long accumulation phase has begun, leading to this number exceeding 1,200 by the end of 2020.

In short, in less than four months, the number of Ethereum addresses with at least 10,000 ETH has grown by 8%.

However, this is not an all-time high, since for example in December 2019 they exceeded 1,240.

Given that 10,000 ETH at the current price is worth over $ 13 million, these are true whale addresses in the cryptocurrency sector.

What Ethereum addresses indicate

It is worth mentioning, however, that this number obviously includes the wallets of many exchanges, which do not contain ETH owned by the wallet operator, but rather by their clients.

However, this has little effect on increasing this number, as exchange portfolios with more than 10,000 ETH are more or less the same, and they certainly do not vary by 8% in four months.

The fact that, after the end of the DeFi hype in September 2020, whales have started accumulating ETH, suggests that it is indeed underway. an accumulation phase. If this is the case, it is hard to imagine that a sharp drop in price could be triggered.

A rapid and significant drop in price implies that a large amount of ETH is offered for sale on exchanges at prices below current levels. This risk does not appear to be on the horizon at the moment, at least not in the short term, although sentiment always changes rapidly.

Also, given that a new all-time high in bitcoin whale addresses was recorded a few days ago, it seems like cryptocurrency markets are in the process of accumulation, which has been going on for a few months.



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