Despite the fact that the price trend of cryptocurrencies in the market has not been favorable, Ethereum whales continue to take the advantage of the moment to buy more ETH, according to the crypto analytics aggregator, Santiment.
Based on the data provided by Santiment, Ethereum whales have added another 2.12% of the digital token ETH’s total supply to their holdings in the past 41 days.
According to Santiment, Ethereum’s top 10 largest whales now hold 20.58% of Ethereum (ETH) total supply. Recall that ETH dropped from its historic height of over $4,300 attained in early May 2021. Rather than being dissuaded due to the downturn, they rather summoned the courage to increase their stashes.
Santiment tweeted, “Ethereum’s top 10 largest addresses now own the highest percentage of ETH’s overall supply (20.58%) since May, 2017. After dropping as low as 18.46% after the All Time High, they’ve now accumulated 2.12% more of ETH’s total supply in the last 41 days.”
A few days ago, Santiment also reported that Ethereum (ETH) on crypto exchanges is experiencing a notable drop, which indicates that investors are in for the long.
According to the report, ETH balances on exchanges dropped to the lowest level since 2nd July 2018. This is termed by Santiment as a means to drastically reduce the tendency of a major selloff in the future.
Santiment tweeted, “To kick off July, Ethereum holders continued to make history by lowering the percent of ETH held on exchanges to its lowest ratio since November, 2018. Dropping below 18% for the first time in 31 months lowers the risk of a future major selloff.”
Ethereum has also experienced vast growth in terms of decentralized finance (DeFi) expansion on its network.
According to the data provided by Dune Analytics, an on-chain data vendor, the number of active wallets on the Ethereum-based decentralized financial protocols has surpassed 3 million.
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