Ethereum holders with 100-1 million ETH add 2.1% of supply

Posted on

  • Large Ethereum investors holding at least 100 ETH and 1 million ETH increased their overall bags by 2.1% in November.
  • Sharks and whales earned 561,000 ETH in two days between 5 and 6 December 2022 amid price volatility.
  • These large investors now hold roughly two-thirds of the Ethereum supply.

Huge Ethereum Investors have been busy over the past few days, snapping up more ether (ETH) amid the latest price drop for the cryptocurrency.

According to recent data on ETH supply distribution, large addresses holding at least 100 ETH (sharks) and those holding up to 1 million ETH (whales) have been aggressively adding to their overall holdings. Cumulative holdings for sharks and whales increased by over 2.1% in the 30 days to 6 December 2022.

analytics firm Sentiment Indeed Thrown light on That the overall Ethereum supply held by addresses containing 100 to 1 million ETH jumped by 561,000 in just two days – between 5 and 6 December.

According to Sentiment, the cohort has now returned its cumulative bag holdings to pre-merge levels. Overall, the large ETH addresses now hold two-thirds of the total supply of 122,373,876 ETH.

Reduction in negative funding rates

A report from crypto exchange Bitfinex showed that the aggressive accumulation by large investors came despite ETH price continuing to fluctuate below $1,300. Increased shark and whale activity has also reduced negative finning rates, as noted in bitfinex alpha report,

While funding rates on Ethereum perpetual contracts remain negative, the report highlights that they have improved significantly month-on-month.

There is also very little selling pressure on ETH compared to other crypto large caps, and there are no significant liquidation levels at current price levels.

On-chain data shows that Ethereum would need to drop to $800 to trigger $50 million in liquidations. Short sellers would have to push the price to around $650 to force $400 million in liquidations.

Leave a Reply

Your email address will not be published. Required fields are marked *