Ethereum Breaks $1,900 As Sharks Continue Accumulation

Keshav Verma

2 years ago

3 mins read

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Ethereum has broken the $1,900 mark today as on-chain data shows sharks have been continuing to accumulate more of the asset.

Ethereum Sharks Are Currently Holding Their Highest Amount In A Year

According to data from the on-chain analytics firm Santiment, the sharks have been constantly adding to their holdings since last summer. The relevant indicator here is the “ETH Supply Distribution,” which keeps track of the data related to the total Ethereum supply being held by each wallet group in the market.

Wallets are divided into these wallet groups based on the total number of coins that are currently sitting in their balances. The 10 -100 coins group, for instance, includes all addresses that are holding between 10 and 100 ETH.

When the Supply Distribution metric is applied to this specific cohort, it will tell us about the total number of coins such investors as a whole are holding right now, as well as what percentage of the total ETH supply is being contributed by these combined holdings.

In the context of the current discussion, the investor group of interest is made up of the “sharks,” who are entities that hold at least 100 and at most 10,000 ETH. At the current exchange rate, this range converts to about $191,000 at the lower bound and $19,100,000 at the upper end.

As these amounts are quite significant, the sharks make up an important part of the Ethereum ecosystem. Their movements can, therefore, be worth watching as they may have visible influences on the price (though, not as much as the movement of the whales).

Now, here is a chart that shows the trend in the Supply Distribution for these Ethereum sharks over the last few years:

Looks like the value of the metric has gone up in recent days | Source: Santiment on Twitter

As displayed in the above graph, the Ethereum Supply Distribution of the sharks has been riding an uptrend for quite a while now. In the last nine months, these investors have accumulated a total of 2.27 million ETH, about $4.3 billion at the current price.

From the chart, it’s also visible that with the buying spree over this period, these investors have added 1.4% of the total Ethereum supply to their combined wallets.

Just earlier in the year, this cohort faltered a little as some selling took place when the price of the cryptocurrency was at relatively high levels. This can be seen in the graph with the depression in the curve of the sharks’ supply.

Recently, however, these Ethereum holders have once again sharply accumulated more of the asset and have taken their supply to the highest level in more than a year.

Generally, accumulation from the sharks can be a bullish sign for the price of the coin. And indeed, as this fresh buying from them has taken place recently, the asset has been climbing and has now breached the $1,900 level for the first time since August 2022.

ETH Price

At the time of writing, Ethereum is trading around $1,900, up 5% in the last week.

ETH has sharply surged over the past day | Source: ETHUSD on TradingView

Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, Santiment.net

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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