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Ethereum Sharks and Whales Add Nearly $700 Million in $ETH in Two Days

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%.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.