Ethereum Whales Boost Accumulation, Drive ETH Off Exchanges
Ethereum Whales: What’s behind it?
Ethereum whales, or owners of large amounts of Ethereum, have become increasingly active lately. Their actions have led to a significant increase in the accumulation of Ethereum outside of exchanges.
Increase in Ethereum Whales
It has been found that the number of Ethereum addresses with 10,000 or more ETH has increased recently. Glassnode’s analysis shows that this number began to rise towards the end of October, after it had fallen from about 1,090 to 1,063. The current number of these addresses is about 1,077, indicating an increase in whale accumulation.
Change in Ethereum Flow on Exchanges
The analysis of Ethereum activity on exchanges in November shows a higher outflow than inflow. This means that more ETH is leaving the exchanges than arriving. This suggests a decrease in selling pressure and an increase in scarcity. In addition, this reduction in availability usually leads to an increase in value.
According to Glassnode data, over 47,000 ETH was withdrawn from exchanges. The data consistently shows negative values in recent days, underscoring the trend of ETH migration away from exchange platforms.
Change in Ethereum Supply on and off Exchanges
An analysis by Santiment shows that the Ethereum supply on exchanges has decreased. This indicates a reduction in the available volume of ETH on these platforms. Interestingly, the supply off exchanges increased as the supply on the exchanges decreased, reaching over 118 million. At the beginning of the current month, the volume off the exchange was about 117 million.
Ethereum Shows Slight Upward Trends
At the time of this update, Ethereum showed a positive price trend on a daily timeframe chart. Over the past two days, there has been a steady, albeit small, price increase. Notably, Ethereum is still trading above the $2,000 price range. The positive trend continues since the golden cross on the daily timeframe, further confirming the strength of the current trend.
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Sources: Glassnode, Santiment, TradingView
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