Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

Keshav Verma

2 years ago

3 mins read

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On-chain data shows the ten largest whales on the Ethereum network are now holding 31.8 million ETH, a new all-time high.

Ethereum Holdings Of Top 10 Whales Have Now Surpassed August 2015 ATH

According to data from the on-chain analytics firm Santiment, the largest ETH whales have grown their supplies recently. The largest whales here refer to the ten largest addresses on the Ethereum network that aren’t associated with a centralized platform.

Santiment has identified such self-custodial addresses, and entities like exchanges have been excluded here because their role in the sector is different from that of the normal whales.

As the whales hold huge amounts in their wallets, they can significantly influence the market since their movements may produce noticeable effects on the price.

Thus, The ten largest whales are the most powerful investors on the network. Naturally, since their behavior may impact the market, their movements are worth watching.

Now, here is a chart that shows how the combined balance of these large Ethereum whales has changed since the cryptocurrency first started trading back in 2015:

Looks like the value of the metric has observed a sharp uptrend recently | Source: Santiment on Twitter

As you can see in the above graph, the largest players in the Ethereum ecosystem have been constantly growing their supplies in the last few years.

However, there was an exception to this trend when the bear market started in 2022 and crashes like the LUNA collapse and the 3AC bankruptcy occurred.

These investors’ holdings had shrunk during this period, implying that they may have been participating in the market selloff.

It wasn’t long, however, before these humongous holders started accumulating again. Their buying spree has also continued into the rally this year, and interestingly, the last couple of months have seen the supply of these investors observing an even sharper uptrend.

The chart also shows the data for the Ethereum exchange supply, which is the total amount of ETH currently sitting in these platforms’ wallets.

It seems like when the whales started accumulating a few years back; the exchange supply had started heading down instead. This may imply that the coins being withdrawn towards self-custody were being absorbed by this cohort.

Though, while the exchange supply has continued to decline recently, its drawdown has been much weaker. As the top ten Ethereum whales have rapidly accumulated during the same period, it would appear that the source of their fresh buying isn’t from the exchange-held tokens anymore.

After this latest sharp accumulation, the ETH whales now hold a combined 31.8 million ETH ($59.47 billion), a new all-time high.

ETH Price

At the time of writing, Ethereum is trading around $1,800, down 2% in the last week.

ETH has registered a drop in the past day | Source: ETHUSD on TradingView

Featured image from Todd Cravens 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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