Crypto whales seem to be hoarding large quantities of Ethereum.
Adam Cochran, executive at DuckDuckGo , said he audited the top 10,000 ETH addresses to look at whale activity in the second largest cryptocurrency.
According to Cochran, it is not just existing whales that accrue from the asset.
“There are a significant number of new portfolios in the top 10,000 that have made their first exchange transaction, which is a fiat ramp and serves large clients (mainly Gemini, Kraken and Coinbase).
These addresses often bought $ 100,000- $ 250,000 in Ethereum and represent about 6% of all top 10,000 addresses (about ~ $ 100 million in ETH purchases in the last six months). “
Whales have in total purchased more than $ 650 million in Ethereum over the past half year, which is more than the entire flow of Bitcoin to 2019.
The data indicates that these large investors have no interest in selling their ETH.
“Right now, there are only 19.5 million Ethereum coins listed on exchanges for sale. Although there is 33.6 ETH deposited on these exchanges. This is only 58% of deposits, so whales accumulate rather than sell.
By comparison, this value has historically always been above 75% when the price of ETH has jumped by 25%. For the first time Ethereum jumps over 50% while this value is below 80%. ”