Posted on

Here’s How This Ethereum Whale Made $16 Million From A Single Trade

An Ethereum whale was recently revealed to have made $16 million from a single trade involving the second-largest crypto token by market cap. This whale’s story again highlights how conviction in an investment can be very rewarding in the crypto space. 

How This Ethereum Whale Made $16 Million In A Single Trade

On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that the whale withdrew 12,906 ETH ($24.39 million) from Binance when the crypto token was still trading at $1,890 a year ago. With Ethereum currently trading at around $3,100, the whale’s ETH investment is now worth over $40 million, signifying a profit of about $16 million. 

Interestingly, his profits from this trade will likely be more than $16 million, as the trader deposited those tokens in the staking platform Lido when he withdrew them from Binance last year. That means he also earned significant staking rewards to go alongside his $16 million profit. 

On-chain data shows the whale recently withdrew 7,000 ETH ($21 million) from Lido back to Binance but has yet to offload these tokens. However, that is something to keep an eye on as the whale offloading those tokens could have a negative impact on Ethereum’s price. 

Tron’s founder, Justin Sun, looks to be another Ethereum whale that could make such significant returns on their ETH investment. Two wallets believed to belong to Sun are reported to have accumulated 295,757 ETH ($891M) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could be profitable for him.

One such move is that the Tron founder recently deposited 120,000 eETH into Swell L2, a liquid restaking protocol. Although Sun claims that this move isn’t profit-motivated, he could still make huge profits from his venture, considering that restaking is one of the leading narratives at the moment. 

The Bull Run Presenting A Lot Of Opportunities

There have been a lot of reports highlighting how crypto investors and traders have been making life-changing, which suggests that the bull run is already in full force despite Bitcoin’s unimpressive price action lately. One opportunity that these traders have taken advantage of in this market cycle is meme coins. 

Before the bull run began, there was the belief that memes would be one of the leading narratives, and that has been the case. Bitcoinist recently reported two Solana meme coin traders turned $6,400 into $8 million. Meanwhile, Lookonchain revealed a Solana trader who turned 60 SOL ($8,673) into $1.26 million in 2 months, making a 144x return on his investment. 

Ethereum price chart from Tradingview.com

Posted on

Ethereum Whale Goes On 127,000 ETH Buying Spree, Was It Justin Sun Again?

Reports show that a new Ethereum (ETH) whale has been on a buying spree recently. This whale bought over $405 million worth of ETH since March 31 and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made massive ETH moves this year.

A New Whale On The Horizon, Is It Justin Sun?

The blockchain research platform Lookonchain revealed that a whale has gone on an Ethereum buying frenzy over the past few weeks. The newly created account started buying ETH from crypto exchanges on March 31.

According to the post, the mysterious wallet first withdrew $96.8 million stablecoins from the crypto exchange Binance. Then, the whale started buying Ethereum from Binance and Decentralized Exchanges (DEX).

From April 8 to April 20, the address bought 127,388 ETH, worth around $405.19 million, at an average price of $3,172 per token. According to the research platform, the activity from this new address is similar to that of the alleged Justin Sun address.

Although the possibility of a coincidence is not ruled out, the activity between the two addressed seems to suggest otherwise. On March 31, the address Sun was suspected of owning made a significant deposit of 787 million USDT to Binance on Tron, which coincided with the withdrawal made by the mysterious new address.

As reported by NewsBTC, Justin Sun’s alleged wallet also went on a similar buying spree from February 12 to February 24. At the time, the address acquired 168,396 ETH, worth around $580.5 million, for an average price of $2,894.

Lookonchain considers that the similarities hint that these addresses are likely owned by Sun. If so, Justin Sun has bought 295,757 ETH, worth $891 million, in the past two months.

Ethereum Price Recovers Amid Whale Accumulation

X users expressed concern over Sun’s alleged movements. At the time of the first report, some considered the transaction suspicious.

One user affirmed that Sun would be “the reason of the next market crash.” Others believe it was time to question whether Sun would dump his ETH bag. However, the possibility of him accumulating for the approval of spot Ethereum exchange-traded funds (ETF) was brought up.

The latest news of Sun’s alleged buying spree received a more positive response. A user considered it a bullish signal for the second-largest cryptocurrency, as the token could benefit from whale accumulation.

On Friday, Ether’s price dipped to $2,865, a level not seen since late February. Over the weekend, however, ETH began to recover from its recent fall as the whale buying spree occurred.

Since then, the “king of altcoins” regained the $3,100 support level, currently trading at $3,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% surge in the weekly timeframe.

Moreover, ETH’s daily trading activity has increased by 8.7%, with a daily trading volume of $11.42 billion. Similarly, the second-largest cryptocurrency has seen a 1.78% rise in market capitalization during the last day.

ETH, ETHUSDT, Ethereum

Posted on

Ethereum Exodus: Whales Withdraw $64 Million ETH From Exchanges, Bullish Signal?

According to data from Lookonchain, an on-chain analytics platform, Ethereum (ETH), whales have withdrawn roughly $64.2 million worth of ETH from major exchanges.

This significant movement of funds coincides with a notable uptick in the price of ETH, indicating an increasing interest in the asset.

Ethereum Whales Movement Signals Confidence

According to Lookonchain’s findings, much of the ETH supply has been shifted from exchange wallets to custodial wallets. The on-chain analytics platform reported that an Ethereum address labeled 0x8B94 had withdrawn an amount of 14,632 ETH, valued at approximately $45.5 million, from Binance.

Lookonchain states these funds have been actively staked within six days, indicating a deliberate move towards adopting long-term investment strategies.

The analysis from the platform also points out that another two fresh whale wallets have transferred 6,000 ETH, amounting to $18.7 million, from Kraken to undisclosed wallet addresses over the last two days.

This trend suggests an increase in major investors to secure substantial amounts of Ethereum away from exchange platforms, potentially as a means of positioning for long-term asset appreciation.

Further echoing this is a recent analysis from CryptoQuant’s Quicktake, which underscores a notable trend regarding Ethereum withdrawals from exchanges over the past few weeks. This observation relies on the “Exchange Reserve” metric, which monitors the quantity of ETH tokens held in the wallets of all centralized exchanges.

When the value of this metric increases, it signifies that investors are depositing more assets than withdrawing them from centralized exchanges, indicating a buildup of Ethereum reserves. Conversely, a decline in the metric suggests a net outflow of assets from these platforms.

According to data from CryptoQuant, over 800,000 ETH, equivalent to roughly $2.4 billion, has exited cryptocurrency exchanges since the beginning of the year. Such substantial outflows from these platforms typically indicate a surge in investor confidence in the Ethereum network and its native token.

Ethereum’s Price Momentum And Potential For A Significant Breakout

Meanwhile, Ethereum’s price has displayed bullish momentum, witnessing a 5.5% increase in the past week and reclaiming the crucial $3,000 mark.

Ethereum (ETH) ETH price chart on TradingView

Financial guru Raoul Pal has drawn attention to Ethereum’s potential for a major breakout, pointing to a “dual-chart pattern” observed on the ETH/BTC chart.

Pal highlights a “mega wedge” pattern alongside an inner descending channel, indicating a consolidation phase with bullish potential.

Featured image from Unsplash, Chart from TradingView

Posted on

Ethereum Whale Buys $187 Million ETH In 3-Day Spree, Anticipating Further Surge?

In recent on-chain data from Spot On Chain, an Ethereum whale appears to have engaged in significant accumulation activity, sparking interest and speculation within the ETH community.

According to the platform, the whale address in question has purchased a total of 64,501 ETH in the past three days, amounting to roughly $187 million at current market prices,

Ethereum Whale Accumulation

Spot On Chain reported that earlier today, the whale acquired approximately 13,526 ETH at an average price of $2,947 per ETH. This accumulation, valued at over $39 million, adds to the already substantial holdings of the whale, suggesting a bullish outlook on Ethereum’s future trajectory.

The platform’s data further reveals that the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from 1inch. These purchases have compounded the whale’s accumulation of ETH in the past three days to a total of 64,501 ETH.

Additionally, Spot On Chain highlights the withdrawal of an additional 40 million USDT from Binance, prompting speculation regarding its potential use for further Ethereum purchases.

Image

According to the portfolio image above that Spot On Chain shared, the whale’s wallet holds a total of 91,321 ETH, in addition to approximately $49.8 million worth of USDT and 5,485 STETH. These assets, in total, are estimated to be $334 million.

Ethereum’s Price Action And Expert Sentiment

Ethereum has continued to showcase bullish momentum, trading up by nearly 6% over the past week. However, despite briefly surpassing the $3,000 mark, Ethereum has retraced slightly in the past 24 hours, trading around $2,900 at the time of writing.

Ethereum (ETH) price chart on TradingView

This pullback has not dampened optimism within the crypto community, with many anticipating further upward movement. Industry experts have weighed in on Ethereum’s performance, with Stefan von Haenisch of OSL SG Pte in Singapore noting the cryptocurrency’s potential to outperform Bitcoin in the coming months.

Haenisch attributes this optimism partly to speculation surrounding the potential approval of spot Ethereum exchange-traded funds in the US. Michaël van de Poppe, CEO of MN Trading, echoes this sentiment, forecasting a potential surge for Ethereum to $3,800 to $4,500 shortly.

Featured image from Unsplash, Chart from TradingView

Posted on

Behind Ethereum’s Surge: Here’s How This Whale Is Taking Advantage Of The ETH Rally

In recent weeks, Ethereum has witnessed a noticeable uptick in its market price, reaching a one-month high and showcasing a growing demand for the asset. Amid this development, the on-chain analytics platform Lookonchain revealed an Ethereum whale’s noteworthy strategy, marking a bold stance on Ethereum’s future trajectory.

Strategic Accumulation Amid Rising Prices

According to Loookonchain, an unknown whale has been actively increasing their Ethereum holdings, utilizing the Spark platform’s revolving loan feature. Spark platform is a decentralized finance (DeFi) product that enables users to borrow stablecoins like USDC or DAI against their cryptocurrency holdings.

This investor has managed to withdraw 39,900 ETH worth roughly $99.5 million from major exchanges such as Binance, Bybit, OKEx, and Bitfinex, leveraging the flexibility of revolving loans to boost their position in Ethereum.

Further insights from Lookonchain reveal that these withdrawals by the whale represent a continuous strategy rather than an isolated event. Since the start of the month, the whale has consistently been pulling out ETH, averaging a withdrawal price of $2,492, and has secured about 56.8 million DAI in loans from the Spark platform so far.

While bold, this strategy highlights the optimism surrounding Ethereum’s potential growth, especially in anticipation of the upcoming altcoin bull run and the expanding interest in Ethereum-based investment products like the spot exchange-traded funds (ETFs).

Spotlight On Ethereum Spot ETFs

While the United States Securities and Exchange Commission (SEC) is yet to disclose any latest update on the already filed applications of the spot Ethereum ETFs, asset manager Franklin Templeton has recently jumped on the spot ETH ETF queue.

A recent post by James Seyffart, an experienced analyst at Bloomberg Intelligence, highlights that Franklin Templeton has joined the ranks as the eighth firm in the cryptocurrency sector to apply for product authorization.

This follows submissions by other prominent asset managers for Ethereum ETFs, namely Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy.

These developments come when Ethereum has sustained a positive momentum, closely tracking Bitcoin’s performance. The asset has witnessed more than 10% surge in the past week, maintaining this upward trend with an additional nearly 1% increase in the past 24 hours.

This price performance has elevated Ethereum to a current trading value of $2,614 as of this writing.

Ethereum (ETH) price chart on TradingView.com

Featured image from Unsplash, Chart from Tradingview

Posted on

Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange

A dormant Ethereum whale has resurfaced, moving their 39,260 ETH worth approximately $87.5 million. According to data from Lookonchain, this Ethereum whale with almost $90 million in ETH recently woke up and decided to move its mountain of digital assets to an exchange. 

Although it is unclear the motive behind this transfer, it appears to be to take profit on a 670% gain over the past five years. 

Ethereum Whale Moves 39,260 ETH To Crypto Exchange

The crypto market has had another flurry of price increases in the past few days, with Coinmarketcap’s Fear & Greed Index now pointing to an extreme greed of 81. Ethereum hasn’t been left out of the price gains, and the crypto is currently up by 11% in a 7-day timeframe. 

Amidst the price gain, a social media post by on-chain analysis tracker Lookonchain shows that a whale recently deposited 39,260 ETH worth $87.5 million to the crypto exchange Kraken. Further details from on-chain data show that the coins were acquired around June to August 2017. 

During this period, the whale address received 47,260 ETH acquired at an average price of $240 and worth $11.34 million in total at the time. However, the account has remained largely inactive since then, sitting on unrealized profit as Ethereum continued to grow in price. But now, the coins have made their way into Kraken.  

The massive transfer of funds from a whale’s wallet to an exchange typically signals them cashing out some or all of their holdings. In this particular case, the whale would make a profit of approximately $78 million if they decided to sell all their holdings on the exchange. 

Trend Of ETH Profit Taking Increasing?

A massive transfer of funds naturally leads to speculation within the crypto community, and there seems to be an increasing trend of large ETH holders taking profits. Other social media posts from Lookonchain over the past few days have shown similar cases of large wallets sending their ETH to exchanges. 

For instance, a recent post showed the movement of ETH in wallet addresses belonging to defunct exchanges FTX and Celsius. FTX deposited 3,143 ETH worth $7.2 million on Coinbase, while Celsius sent 7,500 ETH worth $17.2 million to address “0xc450.” 

Galaxy Digital followed suit, depositing 9,179 ETH worth $20.9 million to Binance. According to Whale Alerts, 16,944 ETH worth $38.14 million also made its way to Coinbase from a private wallet.

Even though Ethereum briefly touched $2,300 yesterday, it would seem the recent transfer to exchanges has had an effect on the price of ETH, as the crypto is trading at $2,269 at the time of writing, down by 1.5%. 

The crypto market remains largely unpredictable, but it would be prudent to wait to see if the crypto approaches and rebounds at the $2,200 resistance level. At the same time, a strong blast above $2,300 could signal bulls are still in control.

Posted on

Massive Ethereum Whale Transfer Threatens To End ETH Rally, Here’s Why

In a recent development, Ethereum’s latest resurgence (up over 12% in the last seven days) could be threatened by the actions of an Ethereum whale who could potentially end the token’s rally and further cause it to decline. 

Ethereum Whale Moves 30,710 ETH

In a post shared on the X (formerly Twitter) platform, a crypto-related account with the username ‘EmberCN’ noted that a particular Ethereum whale who had withdrawn a total of 42,311 ETH from the crypto exchange Binance since September 20 had just transferred 30,710 ETH (out of the withdrawn funds) back to Binance. 

The account further mentioned that the average ETH price at which this whale had accumulated these tokens is about $1,667, which instantly shows that the whale is currently in profit and could be looking to realize some of their gains by selling the transferred tokens on Binance. 

However, the crypto community will be more concerned with how a potential sell-off could negatively impact the market. It would add to the selling pressure on the asset, which could cause a decline, especially if there is no buying pressure to match it. 

Some might be more inclined to believe that this amount of ETH may not matter in the grand scheme of things, considering that it was recently reported that Ethereum’s ‘Billionaires’ control one-third of the token’s circulating supply. This category of persons is those who hold 1 million ETH and above. 

It is also worth mentioning that on-chain data shows that the Ethereum whale has, since the transfer of the 30,710 ETH, gone on to transfer the tokens to another Binance wallet, which has spread the ETH across different wallets. 

Another Busy ETH Whale

In a post shared on its X platform, the analytics platform Scopescan revealed that the 1inch investment fund had sold 4,685 stETH (staked Ethereum on the Lido platform) for $8.54 million at an average price of $1,823. In the process, they realized an estimated profit of $1.28 million as these stETH were said to be bought on October 13 at the average price of $1,550.

The move may not come as a surprise to some as the investment fund, which has close ties to the DEX aggregator 1Inch, has been actively trading Ethereum since the beginning of the year. During that period, it bought a cumulative total of 17,000 ETH and then went on to take some profits by liquidating 11,000 ETH at $1,906 for $21 million, making a profit of about $3.7 million in the process.

These whale movements may have had an impact on Ethereum’s price as the token is, at the time of writing, trading at around $1,770, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Ethereum price chart from Tradingview.com (ETH whale)

Posted on

Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t?

While the broader cryptocurrency market recently took a nosedive, some mysterious Ethereum whale successfully escaped with $41 million worth of ETH. Days later, the price of ETH went down, along with BTC and other cryptocurrencies. Did this whale know something the rest of the market didn’t?

Ethereum Whale Sells $41 Million Before Market Crash

In the early hours of August 18, the crypto market saw investors reacting to SpaceX selling its $373 million Bitcoin holdings, pushing down Bitcoin by more than 8% in a matter of minutes. During this period, the crypto market cap dropped to $1.1 trillion,  and Ethereum also saw its value plummet by almost 6%. 

On-chain data provided by Lookonchain reveals that a smart Ethereum whale dumped 22,341 ETH worth $41 million just prior on August 14. On-chain investigation shows that the whale moved their ETH holdings to the Binance exchange and then withdrew $41 million worth of Tether USDT.

While this whale still made a loss of $1.7 million in the sale, if they hadn’t moved their funds, they would have lost at least $5 million in the crash. 

Coincidentally, this isn’t the first time this trader has made headline trades. This savvy Ethereum whale has shown signs of being able to predict market movements before and has had a 100% winning rate in recent months. 

The whale profited from the SEC and Spot Bitcoin ETFs saga. When ETH plummeted in reaction to news of the SEC rejecting spot Bitcoin applications from BlackRock and other investment companies, this whale saw this as an opportunity to buy the dip on June 30. 

They bought 8,188 ETH worth $15.23 million at $1,860 per ETH, and ETH would later rise to $1948.60 in the hours after.

Do Whales Sometimes Have Insider Knowledge?

While we can’t know for sure if whales have access to insider information, their actions are worth paying attention to. It could be that this whale knew something was going to trigger a price crash or was just making the right trading decision at the right time. 

Nevertheless, whale moves could signal future price action due to the sheer size of their holdings. So by closely following the on-chain activity of major holders, investors might gain useful insights. 

The market is still yet to bounce back from the recent dip. At the time of writing, ETH is down by 1.80% in the past 24 hours and down by 10.19% in a 7-day timeframe. Bitcoin and XRP are also down by 11.87% and 19.87%, respectively in a 7-day timeframe.

Ethereum price chart from Tradingview.com

Posted on

Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On?

The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action. 

The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale?

Who Is The Mysterious Ethereum Whale?

Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform. 

Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account.

The Tweet read:

Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account

This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS.

Ethereum (ETH) price chart from Tradingview.com

Contributing To The Growth Of ETH

While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems. 

His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated:

“If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.”

True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to. 

According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.”

Posted on

Dormant Ethereum Whale Rouses As Crypto Market Sees A Revival

The crypto market has now seen a much-needed recovery after weeks of flat market prices. Most digital assets in the space are currently in the green and Ethereum is no different. The second-largest cryptocurrency by market cap is up by more than 14% in the last 24 hours, plunging more investors into profit. Just like everyone else, a dormant whale has roused from their sleep to benefit from the current market recovery.

Ethereum Whale Wakes Up

Through the recovery that has rocked the crypto market, none has been more interesting than the ETH whale that has roused after more than 6 years of dormancy. The whale had made a transfer for the first time in six years, moving millions of dollars worth of ETH to two addresses.

This whale had begun to be active just as the price of the digital asset was rallying. By the time the whale was done moving thousands of ETH to other addresses, the second-largest cryptocurrency by market cap would grow by another 8%.

Even after transferring out more than 16,000 ETH, there is still a little over 85,000 ETH left on the balance of this whale. For those wondering where all of these ETH came from, a little backtracking through three wallets shows that some of the ETH (20,000) had actually come from the Ethereum Genesis block.

The whale still boasts more than $130 million in their address at the time of this writing. As for the ETH that was sent out, it looks like the sole purpose of the activity was to stake some of the ETH. A good portion of the ETH has been sent to the Ethereum staking contract.

ETH Takes A Good Jump

The price of Ethereum had been struggling to break out of $1,300 for the better part of the month. And in the last 24 hours, it has been able to do just that. The crypto market rally saw ETH record double-digit gains that brought its value to just over $1,500.

Santiment notes that Ethereum’s recovery trend is following that of the S&P 500 which also broke out to a new 5-week high. Not surprising in the least given that the bitcoin correlation with the stock market continues to remain on the high side. Thus, recoveries in the stock and macro markets are being reflected in the crypto market.

Ethereum price chart from TradingView.com

ETH marks double-digit growth in one day | Source: ETHUSD on TradingView.com

The recent recovery also brings ETH’s market cap closers to $190 billion. Trading volume also exploded during this time as Coinmarketcap shows that ETH volume is up 236% in the last 24 hours to be sitting at $38.5 billion. The recovery has also put a stop to the sell-offs and significant buy pressure is mounting on the market.

If ETH is able to maintain the current momentum, it is possible that the digital asset will reach as high as $1,800 before the inevitable downward correction.

Featured image from Ledger Insights, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Posted on

Glassnode: Ethereum Whale Supply Last Active 7 Years Ago Hit New ATH

While small-scale investors continue to flood into Ethereum, the supply of ETH that was last active 7 years ago remains unsold.

Ethereum Whales Wallets Remain Inactive

According to statistics from the Glassnode data aggregator, small-scale investors are actively acquiring Ethereum, the second largest crypto on the market, while 7.6 million ETH that were last active in 2015-2017 remain unsold.

The holders of Ethereum supply who last moved their crypto five and seven years ago, i.e. in 2017 and 2015, have achieved a three-month high, according to Glassnode.

This supply presently stands at 7,666,690.968 ETH ($21,557,791,247).

📈 #Ethereum $ETH Amount of Supply Last Active 5y-7y just reached a 3-month high of 7,666,690.968 ETH

View metric:https://t.co/IEN283QP0E pic.twitter.com/8HecOSXB3G

— glassnode alerts (@glassnodealerts) February 28, 2022

Related Reading | New Crypto Security Solution Protects Bitcoin, Other Digital Assets From Theft

Small Addresses Continue To Accumulate

Despite the fact that the price of Ether (ETH) has risen over 20% from its February 22 low of $2,300, data from derivatives suggests that investors remain wary. Ether’s price has dropped by 24% this year, and critical overhead resistances lie ahead.

High network transaction costs have been Ethereum’s most pressing issue, and investors are growing concerned that this will continue to be an issue even after the network’s long-awaited enhancements are implemented.

ETH/USD trades at $2.9k. Source: TradingView

Smaller investors have been accumulating Ether in increments of 0.01 ETH, 0.1 ETH, 10 ETH, and 32 ETH, according to Glassnode.

The number of wallets holding these amounts of Ethereum has reached new highs – 0.01+ coins – 21,929,193 ATH, 0.1+ ETH – 6,960,421 ATH, 10 ETH+ – 280,792 coins – one-year high. 32 ETH+ – 107,876 ETH+ – one-month high.

📈 #Ethereum $ETH Number of Addresses Holding 32+ Coins just reached a 1-month high of 107,876

Previous 1-month high of 107,860 was observed on 23 February 2022

View metric:https://t.co/rkRWanL3OS pic.twitter.com/4KA8lTQ5Vc

— glassnode alerts (@glassnodealerts) February 28, 2022

Related Reading | TA: Why Bitcoin Must Close Above $40K For Trend Reversal

Featured image from Pixabay, chart from TradingView.com