Santiment's analyst team has reported there has been another surge in activity in whale-owned addresses, which are those holding between 1 million and 10 million ETH. According to them, these addresses have accumulated approximately 21.6% of the crypto’s total supply.
Over the past six months, while negative sentiment dominated the market, large investors have been steadily buying Ethereum at a good price. Their stockpiles over the past six months rose another 2.2% coinciding with the drop in the asset's price.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Compared to the November peak, the value of the altcoin has seen a spectacular 48% drop. However, the whales have remained active and have continued to buy the asset.
According to Glassnode, the number of Ethereum addresses with a non-zero balance has reached a new record high this week at 76,246,352.