A surge in the number of Ethereum addresses holding at least 10,000 ETH ($37 million) has been observed, indicating a resurgence of accumulation among whales. Noted on-chain analyst Ali Martinez was the first to highlight this bullish trend, confirming that sentiments among whales have quickly shifted to the upside. This change comes despite Ethereum’s ongoing struggle to surpass the $3,800 price level.
Data from Glassnode reveals a significant shift in the mega-whale address count for Ethereum, signaling the end of the distribution trend that persisted earlier this year. Instead, mega whales are now accumulating more tokens. The chart shows a decline in addresses holding at least 10,000 ETH since the first quarter of the year, dropping below 1,000 on May 20. However, these addresses have steadily increased since then, surpassing the 1,000 mark and reaching levels last seen in mid-April.
Further insights from IntoTheBlock’s data show an increase in the number of addresses holding between 10,000 and 100,000 ETH, reaching a count of 1,000. On the other hand, addresses holding between 100,000 and 1 million ETH decreased from 98 to 95. The number of wallets with balances exceeding 1 million ETH remains unchanged at 6.
Although the larger whale addresses have decreased in number, the smaller ones have continued to increase at a faster pace. Santiment data confirms that while wallets holding 100,000 to 1 million tokens have dropped, their cumulative balance has seen a sharp increase. These addresses held 19.67 million ETH on May 29, but the current data shows that they now hold 21.03 million Ethereum, indicating an accumulation of 1.36 million ETH tokens worth $5.1 billion in a single day.
While addresses holding 10,000 to 100,000 ETH and those with 10,000,000 to 100,000,000 tokens have also accumulated more tokens, the increase in their balances is relatively lower compared to addresses holding between 100,000 and 1 million ETH.
As a result of this accumulation spree, addresses with at least 10,000 ETH now hold 100.84 million tokens, representing 84% of Ethereum’s circulating supply. This figure has increased by 1 million ETH in the last three weeks.
Despite these developments, Ethereum has struggled to break above the $3,800 price threshold. Although it briefly surpassed this level during the rally following the spot ETF news, it faced resistance at the $3,900 zone and has since retraced below $3,800.
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