According to the blockchain analytical firm Sentiment, 104 Ethereum wallets currently hold over 100,000 ETH coins in each. This move marks the highest-ever whale holding representing 57.35% of total ETH’s supply. As per the current price of ETH, these wallets collectively hold around $333 billion.
Though whale accumulation has set a new record high, other wallet metrics have dropped down understandably. The Sentiment reveals that the wallets with 100-100K Ethereum coins have hit the lowest supply ratio at 33.46%.
Similarly, the supply ratio of wallets holding less than 100 coins reached 9.19%, representing a four-year low. However, the crypto analytical firm predicts the long-term bullish cycle for the cryptocurrency if the whales keep accumulating more ETHs.
The blockchain analytical firm noted in a statement;
With the caveat that the #2 market cap is increasingly comprised of DeFi and staking wallets, it is still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating..] Especially when it’s a 9-year-old asset with whales holding their highest-ever portion of coins,
Ethereum hits the daily average of new wallets at 8-month high
The whale’s accumulation occurred following the Ethereum network, which recorded the daily average of new addresses exceeding 130,200 in December. The milestone marks 8 month-high of new wallets created on the network underscoring renewed investors’ interest in the project it has seen since April, said Sentiment.
The increased investors’ interest in the leading altcoin pushed the ETH coin to trade above the $4,000 level on Dec. 7. It was the first time since March that the cryptocurrency regained the $4,000 mark and holds its position at $4,014 so far. Still, it is currently down 17% from its all-time high of $4,891.
According to market analysts, Ethereum may break its previous all-time high in Q1 of 2025. Recently, Ethereum was unable to surpass the $4,000 level despite Bitcoin crossing $100,000. Unlikely, experts now predict ETH’s price will surge against Bitcoin as per its four-year correlation with the Bitcoin halving phase.
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