On-chain data shows Ethereum whales have added $1 billion more to their holdings recently, something that could be bullish for the crypto’s price.
Ethereum Whales Now Hold 947,940 ETH More In Their Wallets
As per data from the analytics firm Santiment, this jump in the whale holdings is the 5th largest in this year so far.
The relevant indicator here is the “Supply Distribution,” which tells us the percentage of the total Ethereum supply that each wallet group has right now.
Wallets are divided into these groups based on the number of coins they are currently holding. For example, the 1-10 coins group includes all wallets that are storing amounts in this range at the moment.
The Supply Distribution metric for this cohort then measures what percentage of the total supply is made up by the sum of coins in these wallets specifically.
Now, here is a chart that shows the trend in this Ethereum indicator for the 10k-1m coins group over the last twelve months:
Looks like the value of the metric has sharply gone up in recent days Source: ETHUSD on TradingView
Featured image from Abigail Lynn on Unsplash.com, charts from TradingView.com, Santiment.net