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Ethereum whales on buying spree as 200 largest wallets hold $125 billion

Ethereum whales on buying spree as 200 largest wallets hold $125 billion

While the optimism is returning to the cryptocurrency market, demonstrated by price advances of many digital assets, it seems that Ethereum (ETH) has been recording increased interest from its whales, which currently own nearly $125 billion worth of the second-largest cryptocurrency by market capitalization.

Specifically, the 200 Ethereum whales with the most ETH in their wallets now together hold 62.76 million ETH worth around $124.1 billion, which means that they have 52% of the 120.25 million ETH in circulating supply in their fins, as per the data shared by X user behind the OneArt crypto wallet on November 22.

As it happens, OneArt referred to the information earlier published by the blockchain analytics platform Santiment, which also noted that the above addresses at the moment held 30.3% more ETH than the 48.2 million one year ago, as the network growth had spiked to its highest level since July 2023.

Namely, roughly 94,700 new Ethereum addresses appeared on November 20, which is the highest amount of new address creation activity in more than four months since July this year, as the platform’s team observed in the analysis shared in an X post on November 21.

Ethereum’s largest whales and network growth. Source: Santiment

Ethereum price analysis

Meanwhile, the price of Ethereum presently stands at $2,060.97, which represents an increase of 1.86% on the day, a 0.48% gain over the week, and a more significant advance of 11.90% on its monthly chart, according to the most recent information retrieved on November 23.

Ethereum 30-day price chart. Source: Finbold

All things considered, the interest of whales is typically a bullish sign, particularly when combined with other positive factors, such as the launch of Blast, the latest Ethereum layer 2 project, which has witnessed over $230 million in ETH and stablecoins bridged in its first 48 hours.

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