- ETH whale investors who previously held 1 million added 3.5 million ETH more.
- Currently 132 such wallets have seen a hike in their HODLing.
- A 14% increase in Ethereum holdings of whales is recorded now.
The on-chain and social metrics provider for crypto firms, Santiment disclosed that Ethereum (ETH) whale investors who previously held one million, or more ETH collectively, now hold 3.5 million more Ethereum tokens since September 11.
As per Santiment data, there are currently 132 such wallets that have seen the hike in the HODL.
With this series of Ethereum collections, a 14% increase in Ethereum holdings of whales with a billion-dollar investment is recorded.
Earlier today, the progressive holdings of whale wallets had marked an all-time high balance of 28.55 million ETH which is equivalent to $36 billion as of this writing.
The aforementioned trend seems to be quite contrasting as investors holding between 100 and 1 million ETH tokens have been selling off their ETH holdings as per previous Sentiment data.
Strikingly, the redistribution swing can be attributed to the eventful Merge which saw the transition from proof-of-work to proof-of-stake mechanism and even caused the token to suffer through a lackluster period.
Notably, Coin Edition had previously reported a possible breakout for Ethereum even when Ethereum’s prices were indifferent over the last month. Interestingly, with this redistribution swing, huge accumulations by whale investors, and a one-month high in fee generation, a bullish run can be expected for ETH.
After evaluating the trends, Analysts have predicted that Ethereum is in the “accumulation phase” and is close to the $1,300 level, thus emphasizing on the asset soon hitting higher prices.
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