Whales have gained biggest volume of ETH since spring 2017

by in Cryptocurrency News

Ethereum

Large investors continue to show increased activity amid the weakening of the ether (ETH) rate.

The altcoin is down to $ 1,900 today, and many observers agree that the coin will find the bottom somewhere around $ 1,700. Whales, on the other hand, take advantage of the panic sell-off of ether on the part of small and medium traders.

The Santiment report states that the largest addresses currently control the biggest volume of ETH since May 2017.

Ten "whale" wallets accumulated almost 20.6% of the total supply of digital currency. Such investors bought the fall in June and the first half of July.

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The researchers also found out that Ethereum miners again switched to accumulation. This trend brings the moment of reaching the bottom closer and creates conditions for the subsequent rebound of the altcoin.

In early June, mining pool balances dropped to 94,200 ETH. Now, this figure has again reached 112,000 coins.

Funds, in addition to cold storage, also go to the decentralized finance market. According to IntoTheBlock, DeFi apps currently host 9.07 million Ether, which is about 7.78% of the total altcoin supply.