The most recent data from on-chain analytics vendor Santiment indicates that whale ownership of Ethereum is increasing.
For the first time since 2016, Santiment stated on October 18 that billionaire Ethereum investors who have more than 1 million ETH possess 32.2% of the total supply.
The second-highest day in a month for Ethereum transactions above $1 million also occurred on that day.
Ethereum Selling Continues
Ethereum is now heavily concentrated in the hands of the affluent, with whales holding a third of the available supply. Santiment did not, however, say whether these estimates included organizations that own a lot of ETH, like centralized exchanges or stablecoin issuers.
However, the selling trends have been examined, and during the past several months, whales have been unloading ETH.
A “striking difference” in the behavior of the biggest holdings in Bitcoin and Ethereum, according to data from Glassnode, suggests that crypto whales have different opinions.
Ethereum whales, or individuals who own more than 1,000 ETH, have been gradually reducing their holdings ever since 2020. As a result, nearly $20 million worth of ETH was sold.
However, according to the data provided by CoinMarketCap, Bitcoin whales holding more than 1,000 BTC have largely maintained their positions.
However, despite withdrawals becoming available in April, the case for staking Ethereum has never been stronger, with more of the commodity being staked than ever before.
According to Beaconcha.in, there are currently a record 27.6 million ETH stakes worth almost $43.4 billion. Around 23% of the overall supply is represented by this.
Additionally, since the merger in September of last year, that supply has decreased by 260,640 ETH, or $409 million, according to Ultrasound.Money.
Bearish Trend for ETH
The fundamentals of deflationary supply and bullish staking haven’t yet been able to drive away Ethereum’s detractors.
ETH is currently priced at $1,568 after falling another 1.3% today. The asset has dropped 4.5% over the last two weeks and is still falling along with the other altcoins.
Currently, Ethereum has fallen by 68% from its peak, while Bitcoin, which has done better this week, has fallen by 59%.