Ethereum has reached an impressive milestone, surging to its highest level in 18 months and securing a position at $2,380. The latest trends in whale wallet activities shed light on intriguing dynamics within the Ethereum market, indicating potential for sustained growth.
Insights from market intelligence platform Santiment reveal a noteworthy development: the top 150 non-exchange whale addresses now collectively hold a record-breaking 54.6 million ETH, emphasizing a consistent trend of wealth accumulation. In contrast, the top 150 exchange whale addresses have witnessed a five-year low, holding a reduced 9.3 million ETH. This shift in distribution signifies a decrease in sell-off power among major exchange whales.
🐳 #Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. https://t.co/h7ogbqPLWf pic.twitter.com/82plXmVn02
— Santiment (@santimentfeed) December 7, 2023
Major Ethereum Exchange Whales Accumulation
Delving into recent whale activities on the Ethereum blockchain, Lookonchain’s analysis exposes key movements among both accumulating and selling profiles.
Among accumulating wallets, the Hashkey wallet withdrew a substantial 16,838 ETH (equivalent to about $38 million) over the last three days, concurrently depositing stablecoins into Binance and OKX since December 5. Another notable withdrawal occurred with the whale address “0x8652,” removing 22,153 ETH (approximately $50 million) from Binance since November 29. Additionally, a significant purchase of 42,710 ETH (worth $78.8 million) transpired from Binance and decentralized exchanges since September 19, with an average acquisition price of $1,847.
Bullish or Bearish on $ETH?
Who is buying $ETH and who is selling $ETH recently?
Are there any SmartMoneys with a high winning rate who are good at swing trading $ETH that can follow their trades?
1/🧵
Here is a thread. pic.twitter.com/BfmvO1Zfw9
— Lookonchain (@lookonchain) December 8, 2023
On the selling front, FTX and Celsius emerged as notable participants. FTX deposited 3,143 ETH (valued at $7.2 million) to Coinbase two days ago. Meanwhile, Celsius executed multiple transactions, sending a total of 59,000 ETH (equivalent to $136 million) to Coinbase, OKX, and FalconX over the last 25 days.
Further contributing to the dynamic landscape, a strategic move by user smartestmoney.eth (@smartestmoney_) involved depositing approximately $5.8 million, equivalent to 10,633 ETH, to Binance. Simultaneously, a withdrawal request of 12,438 ETH (about $28.5 million) from Lido was made, possibly signaling an intention to sell and realizing an unrealized profit of almost $7.3 million.
In a surprising turn, a dormant early Ethereum whale, inactive for five years, decided to liquidate its holdings, dumping 39,260 ETH (totaling $87.5 million) on Kraken. This strategic move resulted in an impressive profit of around $78 million.
These diverse whale activities contribute to the evolving narrative of Ethereum’s market dynamics, adding layers to the ongoing bull run.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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