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Data from the on-chain analytics platform Santiment shows that 104 whales now hold around 57% of ETH’s total supply as the daily average of new Ethereum addresses hits an 8-month high.
Each of the 104 whale wallets hold more than 100,000 ETH, totalling $333 billion collectively, Santiment said in a Dec. 16 X post.
Whale Accumulation Of ETH Could Be A Long-Term Bullish Sign
While the 104 wallets now hold the majority of ETH’s supply, other wallet metrics have dropped to historic lows. In its X post, Santiment noted that the number of wallets holding between 10 and 100,000 ETH has reached a low of 33.46%. Meanwhile, the supply ratio of wallets holding less than 100 ETH has plunged to a 4-year low as well.
Despite the recent lows recorded by these wallet metrics, Santiment said it’s “still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating.”
“Especially when it’s a 9-year-old asset with whales holding their highest-ever portion of coins,” the platform added.
Daily Average Of New Ethereum Addresses Hits 8-Month High To Signal Renewed Investor Interest
The ETH accumulation by whales comes after the daily average of new addresses on the Ethereum network surpassed 130,200 this month. This marks an 8-month high, according to Santiment.
📈 Ethereum is seeing an 8-month high level of new wallets created. With an average of 130.2K addresses newly popping up on the network every day so far in December, ETH is seeing renewed interest it hasn't seen since April. pic.twitter.com/sLPy8yeWtl
— Santiment (@santimentfeed) December 13, 2024
This renewed interest in the leading altcoin enabled ETH to rise back above the $4,000 mark on Dec. 7 for the first time since March. ETH has since established a position above this major price point to trade at $4,014.07 as of 1:18 a.m. EST.
ETH’s price has lagged in the latest altcoin market surge, with many smaller cryptos like Solana (SOL) and Ripple (XRP) stealing the limelight. However, analyst Benjamin Cowen believes this is “fairly normal behavior for ETH.”
In a Dec. 5 X post, he noted that ETH lagged in the last cycle as well and “did not put in a new All-Time-High until January of the post-halving year.” He subsequently predicted that ETH could go up in 2025.
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