Some of Ethereum’s largest investors have been aggressively accumulating the second-largest cryptocurrency by market capitalization at a time when its price has begun to recover from the crypto space’s post-FTX crash.
According to data from on-chain analytics firm Santiment, Ethereum shark and whale addresses – those holding between 100 and 1 million $ETH – now own two-thirds of the cryptocurrency’s supply after adding 2.1% more in an accumulation trend over the last two days.
The firm reported that 561,000 $ETH, or nearly $700 million, were deposited into these addresses as their holdings returned to pre-Merge levels.
According to CryptoCompare data, Ethereum is currently trading at around $1,230 per token. Its value plummeted last month after the entity responsible for the FTX hack sold all of its ETH on the market to purchase renBTC, a tokenized version of BTC on other blockchains.
Following the collapse of FTX, which occurred after the trading platform invested user funds and failed to honor withdrawals during a bank run, cryptocurrency investors have been withdrawing funds from exchanges.
According to CryptoGlobe, October was a fantastic month for Ethereum, the second-largest cryptocurrency by market capitalization, as the cryptocurrency’s price increased by 18.4% despite a challenging macroeconomic environment.
According to CryptoCompare’s latest Asset Report, BTC and ETH both dropped significantly in November, reaching lows of $15,480 and $1,074 respectively. This was a yearly low for BTC, while ETH remained above its lows from June 2022, demonstrating greater resilience. ETH outperformed BTC in the second half of the year, gaining 22.4% to BTC’s -10.8%.