Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently replicating the positive trend exhibited by Bitcoin (BTC), the flagship digital currency.
According to CoinMarketCap, Ethereum has recorded a new price all-time high of $4,336. And currently, the market is still showcasing bullish potential.
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Ethereum (ETH) Is Replicating Bitcoin’s Positive Trend
On 20th October 2021, Bitcoin (BTC), the largest cryptocurrency by market cap, attained a new all-time high of $66,930. The bullish trend has been attributed to the approval and launch of the first Bitcoin Futures ETF in the United States by ProShares.
Since the news broke, the price of Bitcoin has been experiencing an upward trend and several altcoins such as Ethereum (ETH) have been riding on the positive trend to reach new highs.
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Ethereum Whales Keep Buying
According to Santiment, an on-chain data provider, Ethereum whales have been adding Ethereum steadily since August until now, as the price gathers momentum for new highs.
Based on Santiment’s account, Ethereum wallets with 1 to 10 million ETH have been buying more massively in the past three months. This set of whales have purchased 13.9% of the Ethereum supply with no sign of relenting, the data shows.
Santiment tweeted, “Ethereum‘s top addresses have accumulated ETH steadily since early August, and it’s no surprise to see the #2 asset approaching an All Time High of its own. In the past 10 weeks, addresses with 1M to 10M ETH have accumulated 13.9% more to their bags.”
🐳 #Ethereum's top addresses have accumulated $ETH steadily since early August, and it's no surprise to see the #2 asset approaching an #AllTimeHigh of its own. In the past 10 weeks, addresses with 1M to 10M $ETH have accumulated 13.9% more to their bags. https://t.co/OUccwGBDKC pic.twitter.com/tJpZiN5B9Y
— Santiment (@santimentfeed) October 21, 2021
In other news, as published by Santiment in early October, the ratio of non-exchange and exchange crypto whales and their ETH holdings is now 5:1.
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This implies that crypto whales now hold five times more Ethereum (ETH) on non-exchange wallets than other whales on addresses belonging to crypto exchanges.
The ETH holdings on non-exchange wallets now stand at 22.91 million ETH compared to 4.6 million ETH on crypto exchange-based addresses.
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