Whales getting bags full of ETH
There has been an increase in the number of Ethereum whales over the past few weeks. It seems that whales with large ETH balances believe that the digital asset’s price will recover soon.
According to data from Santiment, the holdings of the largest ETH whales increased by 14% in less than one month after the Ethereum Merge was completed. They have increased their holdings by a cumulative 3.5 ETH during this time.
Interestingly, the ETH that has been accumulated has been coming from another group of Ethereum whales. There has been a marked sell-off trend among whales who hold between 100 and 1 million ETH, but the larger whales have been right there to pick up the loose supply. They now hold a total of 28.55 million ETH.
The data collected thus far suggests that ETH remains popular despite the switch to proof of stake. Some have suggested that Ethereum (ETH) may be classified as a security and subject to regulation, but there is no definitive decision on this matter at present.
Ethereum Is Still Popular
Despite the move to proof of stake and the dissatisfaction of Ethereum miners, it is still a popular investment choice among investors. Despite the bearishness surrounding the market, ETH continues to trade firmly above $1,000.
It is also worth noting that ETH emission has decreased by more than 90%. The ETH issuance rate has been reduced from 3.62% to 0.02% per year. This puts it well below the year-over-year rate of BTC issuance, and with the burning, ETH supply is expected to shift into deflation.
The price of ETH also remains stable just above $1,200, which has led to speculation that the digital asset may not see price levels below $1,000 until the bear market ends. However, the accumulation by the biggest whales shows that they will believe in the short- and long-term performance of the cryptocurrency.
