Ethereum whales with 1 million or more of Ether in their wallets added 3.5 million tokens, or over $4.5 billion worth of ETH in 30 days.
Santiment, a market intelligence firm covering on-chain and social metrics for over 2,500 cryptocurrencies, says more whales have bought Ether, the native token on the Ethereum blockchain.
As CoinJournal recently highlighted, Ethereum is one of top 3 coins popular with whales, and indeed, large whales accumulating ETH has pushed the total holdings by such addresses to an all-time high above 28.5 million ETH.
Billionaire whales scoop $4.5 billion worth of ETH from weak hands
According to Santiment data, Ethereum billionaire addresses that hold at least 1 million ETH have continued to accumulate Ether despite the bear market.
In the 30 days since around 11 September this year, the number of whales with 1 million or more of Ether has grown to 132 addresses.
On-chain data shows the accumulation began just before the Ethereum merge, and has continued throughout September, and first half of October, with 14% more Ether added by these top holders to account for over $4.5 billion worth of ETH scooped from weak hands.
🐳 Since September 11th, #Ethereum billionaire whale addresses holding 1M or more $ETH have collectively added 3.5M more coins. This has increased their cumulative bags by +14%. There are currently 132 such addresses in existence.
— Santiment (@santimentfeed) October 19, 2022
In its latest analytics outlook, the platform points out ETH held by billionaire addresses has reached an all-time high of 28.55 million ETH- well over $36 billion as per the latest Ethereum price of $1,287 per token.
Elsewhere on-chain data shows Ethereum&s active addresses count has hit its lowest level in 4 months. Santiment says the trend has held with post-merge price stagnation a factor.
😲 #Ethereum’s active addresses have sunk to 4-month lows with weak hands continuing to drop post-#merge, and disinterest at a high as prices have stagnated. Monday was the first day that there were less than 400k addresses on the network since June 26th.
— Santiment (@santimentfeed) October 20, 2022
Ethereum has been bound below $1,400 since mid-September when it dropped from highs of $1,470.