On-chain data from Santiment shows Ethereum whales were selling during the past year while sharks were buying more of the asset.
Ethereum Sharks Added 3.61 Million ETH To Their Holdings In Past Year
According to data from the on-chain analytics firm Santiment, there has been a substantial shift in the supply held by the large holders in the ETH market recently. The relevant indicator here is the “Supply Distribution,” which tells us what percentage of the Ethereum supply is currently being held by which wallet groups.
The wallet groups here refer to cohorts divided based on the total number of coins they are holding right now. For example, the 1 to 10 coins group includes all addresses on the network that are carrying a balance amount between 1 and 10 ETH at the moment.
If the Supply Distribution metric is applied to this group, then it will measure (among other things) the combined balance held by the wallets satisfying this condition.
Related Reading: Bitcoin Supply Is Becoming Less Concentrated On Whales With Time, Glassnode Reveals
Now, in the context of the current discussion, the wallet groups of interest are the 10 to 10,000 coins and 10,000 to 10,000,000 coins cohorts. Here is a chart that shows the trend in the Supply Distribution for these Ethereum groups over the past year:
The values of the two metrics seem to have gone opposite ways in recent months Source: ETHUSD on TradingView
Featured image from Jake Gaviola on Unsplash.com, charts from TradingView.com, Santiment.net