Whale investors, those holding over 1 million Ethereum (ETH), now own around 32.2% of the cryptocurrency’s total supply, a figure not seen since 2016, according to on-chain analytics provider Santiment.
Santiment revealed that this concentration of ETH in the hands of whales has reached its highest level in over seven years. The report also highlighted that Ethereum transactions exceeding $1 million have seen their second-highest day in a month.
Despite the increasing concentration, the selling of Ethereum by these whales has been sustained over recent months. Data from Glassnode revealed that Ethereum whales have been progressively decreasing their holdings since 2020, leading to a sale of about $20 million in ETH.
Contrarily, Bitcoin whales, those holding over 1,000 BTC, have primarily maintained their holdings, according to data provided by CoinMarketCap.
Meanwhile, Ethereum staking continues to surge, with a record 27.6 million ETH, approximately $43.4 billion, currently staked. This figure represents around 23% of the total supply, as per data from Beaconcha.in.
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