Whales withdrew a significant amount of Ethereum

Santiment revealed Whales offloading Ether from exchanges
  • Ethereum whales are observed increasingly withdrawing their holdings from digital assets exchanges
  • Santiment noted that the ten most giant OTC Ether whales are controlling the most considerable volume of the ETH supply
  • Last week, ETH OTC whales were holding about 20% of the Ethereum supply
  • ETH trading volume on exchanges are six years low
  • Ether’s price has surged to three weeks high as the crypto market retraced its bullish cycle

Ethereum is the second-largest crypto asset in terms of market capitalization as per CoinMarketCap. The coin has seen tremendous growth since the beginning of this year. It is noted that ETH has performed better than BTC. However, Santiment, a cryptoanalysis provider, has recently published a report revealing an increase in sell-off by Ether whales. The data analysis provider noted that crypto whales are selling their ETH holdings from digital assets exchanges. Moreover, it also observed that the $21.3 million shares of the ten most giant non-exchange whales had achieved a five years high last week.

Ten largest OTC ETH addresses having the bigger volume

Ten largest over-the-counter (OTC) Ethereum whales have a total share of $21.3 million. Moreover, Santiment has noted that such whale’s Ether addresses now control the biggest volume of the digital currency in the last five years.

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According to the data, researchers claimed that whales hold about 20% of the entire circulating supply of ETH. In contrast, the researchers also observed that this weekend about 21.3 million ETH were under the control of these whale investors.

ETH witnessed a six-year low volume on exchanges

Following the current daily volume traded of Ethereum coins, a decrease has been observed. Santiment noted that the volume of the coin placed by whales in digital assets exchange wallets on their side has fallen to its lowest level. Indeed, the declined level is the lowest since the last six years.

We have observed that the outflow trend of Ether was at a peak for several weeks. Notably, the factor is one of the reasons that led to a surge in Ethereum’s price. Moreover, when the exchange rate Ethereum achieved a price level near $2.3k during the Asian trading, it flagged the highest value since earlier July.

Ethereum’s price hits a 3-week high

The crypto market has rewound its trend. Altcoins in the sphere is following the path of the flagship cryptocurrency. Indeed, the coins are soaring in their prices. Hence, it is inevitable for ETH to stand out of the line. 

According to cryptocurrency market data aggregators and digital exchanges, the world’s second most popular cryptocurrency touched $2,392 on Monday. Over the past twenty-four hours, the coin has been observed up by more than 8%. Following the scenario, experts in the cryptosphere deemed that ETH is a potential candidate to replace the leading crypto coin. 

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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