The crypto space is booming right now with Bitcoin and Ethereum shining like crazy. Bitcoin managed to surpass $34k after the day before it hit $30 for the first time in history.
This year, Bitcoin reached a new ATH on a daily basis.
Ethereum is also boosted, and at the moment of writing this article, ETH is priced at $810.70.
Data from crypto intelligence platform reveals that big money players are quietly accumulating Ethereum amid a surge in the value of the second-largest cryptocurrency.
Crypto whales are accumulating ETH
In a new Twitter post, Santiment said that the number of addresses holding more than 10,000 ETH has increased over the last two months while addresses that own 10,000 ETH or less have decreased over the same stretch.
With $ETH crossing $750 for the first time in 31 months, we’ve discovered that there are 39 more #Ethereum addresses holding 10,000+ $ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 $ETH have shrunk over this time. https://t.co/H2bp5UHRaV pic.twitter.com/Tr7wiYsUO7
— Santiment (@santimentfeed) December 31, 2020
Santiment’s chart also revealed that the number of addresses that holding 1 – 100 ETH plummeted on December 19th. They also noted that a problem related to decentralized finance (DeFi) could have ignited the sharp decline.
“This massive drop from two weeks ago from this group surprised us, too. It could very well have been a DeFi-related anomaly, considering just how big the drop-off was.”
Santiment also posted that “If you want to keep tabs on how whales vs. retail traders are behaving as #crypto asset prices fluctuate, you’ll want to try a month of Sanbase PRO for $49/month. Our charts and price predictive metrics pay for themselves quickly!”
The online publication the Daily Hodl also noted that crypto trader Alex Saunders said the following:
“Whales accumulate ETH as retail sells. This is exactly what happened to BTC at $10,00 – $13,000 before blast off.”