Within the last five days, the price of Ethereum has risen by 41%. As the market rebounded, the value of the digital asset increased from $1,754 to $2,488. Bitcoin had a similar increase. The recent increase in the value of ETH prompted the whales to buy up a large portion of the Ethereum supply.
According to data provider Santiment, Ethereum’s top ten non-exchange whales are steadily expanding their ETH holdings. Last week, the ten non-exchange whales reported holding 21.3 million Ether, a record high.
However, as Santiment pointed out, this buildup has resulted in a five-year low of 4.66 million ETH held on exchanges.
The whales were not the only ones whose supply was dwindling on the exchanges. The dropping supply of a digital currency on exchange is regarded as a positive indicator, and with Ethereum whales maintaining a substantial portion on OTC wallets, this decline could indicate the ecosystem’s support.
As the London upgrade approaches, this stockpiling outside of exchanges could herald a potential increase in the asset’s price. The contentious EIP 1559 will be deployed as part of the London upgrade, which is set to begin on August 4th. The combination of EIP 1559 and the switch to proof-of-stake [PoS] is known as a “triple halving.”
This was a major step forward in the Ethereum roadmap, and the community was eagerly anticipating it. One of the reasons for long-term holders’ optimism has been their anticipation of this. The network also set a new milestone when the total number of validator nodes on the Ethereum 2.0 blockchain surpassed 200,00, and promised deposits surpassed 6.4 million ETH, or $13.5 billion.
Ethereum was trading at $2.186 on the strength of these gains, and it was looking to rise higher.