Originally published on: December 17, 2024
In a surprising turn of events, Ethereum whale wallets now hold a whopping 57% of all Ether in existence, reaching an all-time high, according to the latest findings from Santiment, the onchain analytics platform.
A recent post by Santiment revealed that 104 whale wallets, each containing over 100,000 Ether, collectively boast a staggering $333 billion in holdings. This concentration of wealth among a few key players is a significant shift in the market dynamics.
On the flip side, wallets holding between 10 and 100,000 Ether are at a historic low of 33.5%, while wallets with less than 100 Ether make up just 9.19% of the total supply, marking a near four-year low. This shift in distribution could signal a bullish trend if the whales continue to accumulate Ether.
Santiment emphasized the importance of whales accumulating Ether, stating, “it is still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating, especially when it’s a 9-year-old asset with whales holding their highest-ever portion of coins.”
In addition to the concentration of Ether holdings among whale wallets, the average daily new Ethereum addresses crossed 130,200 in December, the highest level in eight months, indicating a renewed interest in the cryptocurrency.
Ether’s price has also staged a comeback, reclaiming the $4,000 mark for the first time since March and currently trading at $4,007. While the price is still down 17% from its all-time high of $4,891, analysts remain optimistic about Ether’s future prospects.
Some experts predict that Ether may surpass its previous all-time high in the first quarter of 2025, fueled in part by last month’s market deleveraging.
As Bitcoin and Ether make new highs, social sentiment around cryptocurrencies is on the rise. Santiment’s social sentiment tracker reveals that discussions are revolving around Bitcoin’s dominance, Vanachains’ recent listings on major exchanges, and Moca Networks’ price surge following South Korean exchange listings.
The cryptocurrency market is buzzing with excitement as key players accumulate Ether, setting the stage for potential bullish trends in the coming months. Stay tuned for more updates on this developing story.