• Large Ethereum Addresses Lead To More ETH Being Accumulated

  • In the previous six days, ETH whales have amassed over 1.65 million coins.

    After the global market worth of cryptocurrencies increased by over $50 billion in the last 24 hours, Ethereum (ETH), the world’s second most valuable digital currency, reached nearly $2,100 today. Ethereum’s on-chain activity is exhibiting signs of revival as a result of the recent price spike.

    Ethereum whale addresses holding between 10,000 and 1 million ETH currently own a total of 60.5 million coins, according to the latest data from crypto analytics site Santiment. Since the beginning of this week, large Ethereum addresses have increased the collection of ETH.

    “Ethereum whales with between 10,000 and one million ETH in their wallets now own a total of 60.52 million tokens. This is the greatest amount owned by this tier in 5 weeks, and it represents a 1.65 million ETH gain in the last 6 days,” Santiment explained.

    With a rise of about 12% over the last seven days, ETH has remained the best-performing cryptocurrency. With a market capitalization of over $240 billion, the cryptocurrency is currently trading above $2,060. On Friday, ETH’s crypto market domination surpassed 18 percent for the first time in nearly three weeks.

    Whales of Ethereum

    Significant ETH transactions have grown in recent days, despite a spike in the world’s second-largest cryptocurrency’s volatility. A well-known ETH wallet shifted 40,000 coins from the cryptocurrency exchange Gemini to a digital wallet on July 12, 2021. The migration of 145,363 Ethereum to an unknown digital wallet was recently reported by Whale Alert, a blockchain tracking service. The transfer’s overall worth is currently estimated to be roughly $292 million.

    According to Europe’s biggest crypto asset management firm’s recent weekly digital fund flows report, Ethereum-related investment products drew $11.7 million in inflows last week, compared to $10.4 million in outflows from BTC investment products. Goldman Sachs noted the growing popularity of Ethereum in a research paper from July, claiming that ETH has the potential to replace Bitcoin (BTC) in the future.

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