Ethereum’s public addresses containing at least 10,000 ETH are on the rise.
On Saturday, before the new all-time high price was touched, there were 1,211, and after the record they increased further, now becoming 1,225.
Santiment reports this on Twitter, showing a graph that clearly shows a significant increase in the addresses of these whales in recent times.
🐳 Think #Ethereum whales are taking profit after $ETH's first #ATH in 3 years? There were 1,211 addresses with 10,000+ $ETH addresses Saturday, just before history was made. This # is now up to 1,225.
— Santiment (@santimentfeed) January 21, 2021
At the end of September last year, in the midst of the DeFi hype, they had dropped to 1,134, probably precisely because ETH tokens were being used to trade or transact DeFi tokens.
Since then, a long accumulation phase has started, leading to this number exceeding 1,200 by the end of 2020.
In short, in less than four months the number of Ethereum addresses with at least 10,000 ETH has grown by 8%.
However, this is not an all-time high, since for example in December 2019 they exceeded 1,240.
Given that 10,000 ETH at the current price are worth more than $13 million, these are true whale addresses in the crypto sector.
What Ethereum addresses indicate
It is worth mentioning, however, that this number obviously includes the wallets of many exchanges, which do not contain ETH owned by the wallet operator, but by their customers.
However, this has little effect on the increase in this number, as exchange wallets with more than 10,000 ETH are more or less the same, and certainly do not vary by 8% in four months.
The fact that, after the end of the DeFi hype in September 2020, whales have started to accumulate ETH, suggests that an accumulation phase is indeed underway. If this is the case, it is hard to imagine that a sharp drop in the price could be triggered.
A rapid and significant drop in price implies a large number of ETH being offered for sale on exchanges at prices below current levels. Such a risk does not seem to be on the horizon at the moment, at least not in the short term, although sentiment is always quick to change.
In addition, given that a few days ago a new all-time high in bitcoin whale addresses was recorded, it seems that the crypto markets are in the process of accumulating, which has been going on for a few months now.