There is Massive Accumulation of Ethereum By Cryptocurrency Whales, Says Report
The manual audit carried out by Adam Cochran of the privacy-focused search engine DuckDuckGo revealed some interesting information. The audit involved the examination of the top 10,000 Ethereum addresses to know the asset’s whale activity, liquidity profitability and market manipulation.
The result revealed that existing whales have acquired more Ethereum which is over $550 million or 4 percent within the previous six months. In comparison, the new capital influx for Bitcoin throughout 2019 was estimated to be $600 million aggregate.
However, other investors aside the whales are also accumulating the second-largest asset, says Cochran. He noted the existence of a remarkable number of new wallets in the top 10,000 who had their first transaction with fiat onramp exchanges serving large-scale customers – majorly Gemini, Kraken and Coinbase.
The frequent amount of Ethereum purchased by these new addresses is worth between $100k and $250k, and they stand for about 6 percent of the top 10k addresses. This is also approximately $100 Million in new Ethereum purchases within the previous six months.
When combined together, the value of Ethereum purchased by new and existing whales within the previous half year is over $650 million. This is over the aggregated Bitcoin inflow throughout last year.
Besides, the data shows that those big investors do not appear interested in selling their Ethereum holdings.
Cochran noted that at the moment, just 19.5 million Ethereum is listed on exchanges for sale. This represents 58 percent of the 33.6 million Ethereum deposited in exchanges. Hence, whales are accumulating, not selling.