Originally published on: December 17, 2024
The latest data from Santiment reveals that Ethereum whale wallet holdings have surged to unprecedented levels, with 104 whale wallets now collectively holding approximately 57% of all Ether in circulation. This substantial increase in whale wallet holdings suggests a bullish trend for the cryptocurrency.
According to Santiment’s analysis, wallets containing more than 100,000 Ether each now account for around $333 billion, marking a significant milestone for the Ethereum ecosystem. Meanwhile, wallets holding between 10 and 100,000 Ether have decreased to a historic low of 33.5%, indicating a potential shift in market dynamics.
The report also highlights that wallets holding less than 100 Ether have reached a supply ratio of just 9.19%, the lowest level in nearly four years. This data points towards a long-term bullish signal, especially if the trend of whale accumulation continues.
Santiment emphasized the significance of whales accumulating Ether, stating that it is a positive sign for the coin’s long-term prospects. The platform noted, “It is 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 surge in whale wallet holdings, Santiment reported that the daily average of new Ethereum addresses surpassed 130,200 in December, reaching an eight-month high. This uptick in address creation signals growing interest in the Ethereum network among investors.
Despite the recent market volatility, Ether’s price has rebounded and reclaimed the $4,000 mark, currently trading at $4,007 according to CoinMarketCap. While Ether remains 17% below its all-time high of $4,891, analysts predict that it may surpass this milestone in the first quarter of 2025.
In conclusion, Santiment’s report sheds light on the bullish momentum building within the Ethereum ecosystem, driven by whale accumulation and increasing user activity. As the market dynamics continue to evolve, Ethereum is poised for further growth and potential price appreciation in the coming years.