Since the start of December, Ethereum ($ETH) has seen a marked outflow from exchanges, with over 400,000 ETH leaving since December 1.
This trend of accumulation suggests increased confidence among investors, particularly as the price of ETH recently pushed back above the $4,000 mark, solidifying this level as strong support.
The demand for Ethereum remains robust, with 7.2 million ETH purchased at prices just under $4,000, indicating that significant interest is building at these levels. This demand is expected to help Ethereum maintain its value above $4,000 in the near future.
In terms of whale activity, there are currently 104 wallets holding at least 100,000 ETH, collectively accounting for 57.35% of all ETH in circulation—valued at approximately $333.1 billion. In contrast, wallets holding between 100-100,000 ETH now control the smallest share in history, dropping to 33.46%. Additionally, wallets with fewer than 100 ETH have reached a near four-year low of just 9.19%.
While it’s important to note that Ethereum’s ecosystem has evolved, with a significant portion now held in DeFi and staking wallets, this concentration of holdings among whales is generally seen as a bullish signal. When key stakeholders continue accumulating, especially in the case of a nine-year-old asset, it suggests long-term confidence.
Ethereum’s past bull cycles have shown explosive growth when long-term holders shifted into a more aggressive accumulation mode. While we may still be in the early stages of this phase, the potential for a substantial price move remains on the horizon.
On December 16, Ethereum spot ETFs recorded a total net inflow of $51.1 million, continuing a 16-day streak of positive inflows. BlackRock’s Ethereum ETF (ETHA) led the charge with $30.7 million in a single day.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
The team behind Starknet has introduced a new token standard aimed at solving one of…
In a move that highlights the growing race to build infrastructure for autonomous artificial intelligence,…
Prediction market platform Polymarket has entered a new partnership with Palantir Technologies and artificial intelligence…
The Ethereum Foundation has begun staking part of its treasury, marking a significant step in…
Fresh reports circulating in the crypto space suggest that Wei Jiequan, better known as Wilson…
The infrastructure powering autonomous AI agents on Ethereum is slowly coming together. Payments, trust layers,…