- Ethereum whales are confidently HODLing their ETH tokens
- The top investors are transferring their ETH holdings to non-exchange wallets
- There has been a 20.5% decline in ETH on exchanges in the last 2 months
Ethereum News Today – Recent data suggests that ETH’s top investors have confidence in the future price of the digital currency. Ethereum’s investors have become more confident about the coin’s future price as the launch of ETH 2.0 update approaches. The report adds that deep-pocketed ETH investors have been accumulating the crypto increasingly. This partly for gaining access to the DeFi (decentralized finance) market. Additionally, the investors have been transferring a huge amount of Ethereum to non-exchange wallets. The goal is to HODL them longer.
Ethereum Whales Are Stacking up ETH
According to recent data shared by (the digital asset analytics firm) Santiment, the ten largest Ethereum whale exchange addresses have reportedly been moving their ETH tokens to non-exchange wallets. The tokens were moved at a huge rate, which according to Santiment, was responsible for the 20.5% drop in the ETH’s supply (on different crypto exchanges since August).
The rate at which the deep-pocketed investors are moving their ETH holdings to external exchange wallets addresses shows that they are not looking to sell soon. Hence, the top Ether investors are confident in the price of the cryptocurrency. ETH’s top 10 whale exchange addresses have been moving all their funds to non-exchange wallets and moving their holdings at an impressive rate.
There’s Been a 20.5% Drop in ETH on Exchanges in the Last 2 months
There has been a 20.5% drop in ETH tokens on exchanges in the last 2 months which indicates that there is price confidence among the top Ethereum holders in the space. There’s also more accumulation amongst institutional investors. It is essential to note that institutional investors’ have become long-term bullish on Ethereum.
According to Barry Silbert, the CEO of Digital Currency Group, this can be seen in the recent data on ETH’s circulating supply (considering that 2% of Ether’s total supply is held in Grayscale’s Ethereum Trust). While everyone has focused on the accumulation of Bitcoin, Grayscale’s Ethereum Trust holds a huge chunk of ETH currently in circulation. At press time, the second largest digital currency by market cap has a supply of 113,077,903 ETH. The virtual currency is also currently trading at $380. It also has a 24-hour trading volume of $12 billion with a total market cap of $43 billion. The price is expected to remain on a rising trend.