The largest altcoin ether (ETH) started this week with a strengthening of positions: the coin had risen in price to $370 after a pullback last weekend.
As developers are preparing for the release of an updated version of Ethereum (ETH 2.0), investors are massively withdrawing cryptocurrency from trading floors. The trend for long-term ETH accumulation is intensifying, according to the Santiment team's report.
The number of Ethereum addresses on exchanges has dropped to its lowest level in the past two months. ETH exchange balance decreased by more than 20%.
The most active are the big players or the so-called "Ethereum whales," the researchers note. They expect more impressive growth in the value of altcoin after the network upgrade.
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Digital Currency Group CEO Barry Silbert linked the recent appreciation of the ETH to an increase in investment in this asset from the giant Grayscale Investment. As a reminder, the Ethereum Trust of this company accumulated about 2% of the ETH market supply.
According to the expert, soon, many other investment companies will follow the example of Grayscale. Interest in the altcoin will increase as the update's release date approaches.
If the bandwidth of the network increases after the launch of ETH 2.0, the attractiveness of the largest altcoin will also increase, which will positively affect its value.