Top Ethereum wallets have been steadily adding Ethereum since August, and they continue to do so even as the price approaches the all-time high reached in May.
Another 13.9 percent of Ether is purchased by top ETH whales.
According to Santiment, an on-chain data provider, Ethereum wallets ranging from 1 million to 10 million In the last three months, Ethereum has purchased massive amounts of Ether.
During this time, they have acquired 13.9 percent of Ethereum supply and continue to add more, despite the fact that the Ether price has risen to the $4,200 range, closing in on the all-time high of Ethereum set in May.
🐳 #Ethereum's top addresses have accumulated $ETH steadily since early August, and it's no surprise to see the #2 asset approaching an #AllTimeHigh of its own. In the past 10 weeks, addresses with 1M to 10M $ETH have accumulated 13.9% more to their bags. https://t.co/OUccwGBDKC pic.twitter.com/tJpZiN5B9Y
— Santiment (@santimentfeed) October 21, 2021
Non-exchange ETH whales have 5x the amount of ETH as exchange whales.
According to a Santiment tweet from earlier this month, the ratio of non-exchange crypto whales to exchange crypto whales and their ETH holdings is now 5:1.
Crypto whales now have five times as much Ethereum in non-exchange wallets as they do in exchange addresses.
The former’s ETH holdings now total 22.91 million Ethereum, compared to only 4.6 million ETH stored on crypto exchange addresses.
Furthermore, in July, the top ten Ethereum addresses purchased large amounts of ETH, and they held 20.58 percent of the second largest cryptocurrency at the time.
Meanwhile, as previously reported by ULTCOIN365, ETH exchange supply has been significantly decreasing as investors withdraw Ether to cold wallets for long-term storage. This could be one of the primary reasons for the rise in the price of Ethereum.
Ethereum is getting closer to its May high.
On May 12, Ether reached an all-time high of $4,362 and set a new record. Since then, ETH has dropped to a low of $1,780 twice (in June and July). After the implementation of the EIP-1559 (also known as the London hardfork) on August 5, it surpassed the $3,000 mark in early August.
Ethereum regained the $4,000 mark at the end of last week, and it surged to $4,239 on Wednesday, following Bitcoin’s all-time high of $66,930.
Along with the EIP-1559 upgrade, an Ethereum burning mechanism for ETH fees was implemented. Since then, large amounts of Ether have been destroyed, reducing the supply of ETH and making it more deflationary, allowing its price to rise.
More than 500,000 ETH had been destroyed as of October 11. Over the last thirty days, approximately $824 million in Ethereum fees have been burned.