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

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


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 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.

As reported, a panel of cryptocurrency experts surveyed by Finder has revealed they believe Ethereum could outperform the flagship cryptocurrency this year to surge by over 150% to $4,596, and its performance could be such that by 2025 one ether would be worth $17,810, according to a cryptocurrency experts panel.




The figures come from the average forecast from 27 out of 42 experts Finder surveyed that gave price predictions for the cryptocurrency. While the experts’ panel believes the price of ETH will more than double this year, they believe that by December 2025 it’ll be over $17,800 and that by December 2030 one ETH will have skyrocketed to $71,700.

Looking at the median price prediction, the forecast points to Ethereum trading at $20,000. That Price prediction was earlier this year made by former Goldman Sachs executive Raoul Pal, who based on Metcalfe’s Law saw ETH hit $20,000 this cycle.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay





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