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 tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…
A new milestone in the evolution of crypto investment products is set to unfold as…
A major milestone is unfolding in the blockchain economy as Polygon records a historic “flippening”…