Ethereum’s Top 10 Whales Now Control 41 Million ETH, A New ATH
Data from on-chain analytics firm Santiment shows that the ten largest Ethereum whales have continued to expand their holdings, now containing 41 million Ethereum (ETH). This trend further exemplifies the positive outlook for the cryptocurrency as investors keep their coins in self-custodial wallets for extended periods, signifying long-term investment intent. However, the top ten Ethereum exchange wallets have seen a decrease, now holding just 8 million ETH. This shift of supply towards self-custody implies a healthier market, as the less ETH present on exchanges, the less the price will be affected if they go out of business. It also reduces the available selling supply of ETH. Despite these positive aspects, concentration of supply in ten wallets, amounting to one-third of total supply, is seen as a negative as these entities could influence the market significantly.
