Whale accumulation of the second-largest cryptocurrency, Ethereum (ETH), has been intensifying amid the current market stabilization, as noted by analysts at the on-chain platform, IntoTheBlock, on May 31. Amid recent price declines in the market, large Ethereum holders began to accumulate tokens in their portfolios.
According to the survey, currently, 41% of the supply of ETH tokens is held by addresses responsible for more than 1% of the total supply. At the beginning of 2024, this percentage was above 36%.
“Whale accumulation in ETH has intensified. Currently, 41% of the $ETH supply is held by addresses with more than 1% of the total supply, up from 36% at the beginning of the year. This trend highlights the increase in confidence among large holders”, highlighted the analysis.
Whale accumulation in ETH has intensified.
Currently, 41% of the $ETH supply is held by addresses with more than 1% of the total supply, up from 36% at the start of the year. This trend highlights increasing confidence among large holders. pic.twitter.com/GEvADO13k5
— IntoTheBlock (@intotheblock) May 31, 2024
At the time of publication, the price of Ethereum was quoted at US$3,789.51, down 0.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$11,960,018,224.
Large ETH Holders Begin Accumulation
Amid recent market declines, whales of the second largest cryptocurrency on the market, Ethereum (ETH), began to accumulate tokens in their portfolios, moving from a selling mode to an accumulation mode, according to observations shared by Martinez recently. “There has been a notable increase in Ethereum addresses holding more than 10,000 $ETH, indicating a shift from distribution to accumulation!” he wrote.
Is the cryptocurrency Ethereum (ETH) headed for an imminent bull run? In a surprising turn of events, the US Securities and Exchange Commission (SEC) on May 23 approved the first Ethereum exchange-traded funds (ETFs), triggering more than 25% in gains for the market’s second-largest cryptocurrency.
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Source: https://portalcripto.com.br/acumulacao-das-baleias-ethereum-se-intensifica-entenda/
