Top Ethereum Whales Hold $48 Billion of $ETH as Exchange Supply Drops

[RSRS]

The top whales on the Ethereum blockchain have kept on accumulating more and more ETH even as the price of the second-largest cryptocurrency by market capitalization grew, to the point their holdings are now at a five-year high.

According to blockchain analytics firm Santiment, the top Ethereum wallets that aren’t controlled by cryptocurrency exchanges now hold 21.3 million ETH, worth over $48.6 billion at press time, after accumulating steadily over the last few months.

 Similarly, the firm’s data shows that the top cryptocurrency exchange wallets are now only holding 4.66 million ETH, or about $10.7 billion. This is the lowest amount exchanges have been holding since the cryptocurrency was launched.

🐳 #Ethereum's top 10 non-exchange whales are adding on to their holdings, as their 21.3M $ETH held this week established a new 5-year high. Meanwhile, top 10 exchange whales recently hit a low of 4.66M $ETH, the lowest since ETH's 2015 inauguration. https://t.co/EbZkHLvM7A pic.twitter.com/ahYenJcegW

— Santiment (@santimentfeed) July 25, 2021
Ethereum is, at press time, trading close to $2,300. Some analysts believe that a smaller supply held on exchanges could be bullish for the cryptocurrency, as selling pressure isn’t as high and if demand picks up the price could rise because there isn’t enough supply on these platforms.

Santiment added that Ethereum bulls have started showing their “most positive sentiment since mid-May” after the cryptocurrency went over $2,400 earlier this week.

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