Hold onto your hats, folks! The Ethereum whales are making waves again, and it looks like they're taking a big bite out of the market supply, gobbling up a whopping $333 billion worth of ETH. As Ethereum's price has been on a bit of a joyride this week, these big fish have been busy. The largest ETH wallets are stockpiling like there's no tomorrow, hitting an all-time high in ownership. Meanwhile, mid-sized and smaller wallets are feeling the pinch, seeing their shares drop to record lows.
But it's not all doom and gloom for Ethereum's future. Despite the market's ups and downs, the influx of institutional investments and historical patterns suggest that Ethereum might just be gearing up for another growth spurt.
According to the latest scoop from Santiment, those whale wallets, each holding at least 100K ETH, now control a staggering 57.35% of the total supply. That's a hefty $333.1 billion in their virtual pockets! These 104 wallets are showing some serious faith in Ethereum, continuing to stock up even when the market's been a bit rocky.
On the flip side, wallets holding between 100 and 100K ETH have sunk to their lowest-ever supply ratio at 33.46%, while those with fewer than 100 ETH are at a near four-year low of 9.19%. However, this is a good sign for the long haul, suggesting that Ethereum could be in for a bright future, despite these shifts.
Ethereum, being a seasoned pro at nine years old, is seeing this accumulation from major players as a sign of confidence and reduced selling pressure. It’s like the whales are saying, “We’re in it for the long game!” This usually bodes well for market sentiment, so keep your eyes peeled.
While Ethereum's been climbing the charts, hitting $4,106 on Monday, it's taken a slight dip to $4,020. Still, it's up almost 80% this year! Although it's still 22% shy of its November 2021 record of $4,878, experts are optimistic about its growth potential.
Crypto analyst Ali Martinez has pointed out that Ethereum's price tends to move in tandem with the sentiments of long-term holders. In past bull runs, ETH prices skyrocketed when these holders entered a “greed” phase. Right now, they're in the “belief” phase, starting to get a little hopeful about where prices might go.
While we're not in the “euphoria” zone just yet, which usually signals the beginning of a big rally, history shows that Ethereum could be ready for a big leap as long-term investors' confidence continues to build.
Adding fuel to the fire, Ethereum-based investment products have been on a winning streak, seeing seven straight weeks of inflows. CoinShares reports that a cool $3.7 billion has flowed into these products in that time, with $1 billion just last week. This steady stream of institutional interest is like a vote of confidence for Ethereum's future. So, stay tuned, because the Ethereum story is far from over!
