Whales have gained highest amount of ETH since July 2016

by in Cryptocurrency News

ETHereum

Ether (ETH) fell to $ 2387 on Thursday, June 17, and the altcoin continues to trade in the red. The coin is likely to hit the lows today.

However, despite the drop in the cost of ether, large investors continue to accumulate cryptocurrency and withdraw it from trading floors. This trend has been observed over the past few months.

The Santiment team found that the ten largest OTC Ethereum wallets have accumulated the most ETH since July 2016. In total, such addresses have accumulated 19.67 million coins, according to the researchers' report.

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The accumulative strategy of Ether holders has been observed since the beginning of 2021. Even the market crash in May could not provoke a radical change in the trend. The volume of cryptocurrency listed on exchanges is at its lowest level since December last year, according to Glassnode.

Meanwhile, transactional activity on the network has weakened to a minimum since mid-January 2021. On average, Ethereum users make 1.134 million transactions per day, according to EtherScan data.

This trend is directly related to the retreat of the ETH rate, observers say. As soon as the trajectory of the altcoin's movement changes, and the ether begins to grow in price, then the number of transactions on the blockchain will increase.