Ethereum whales’ holdings hit new ATH as price slips further

Ethereum’s (ETH) price has struggled to keep up over the past two months as the global crypto market cap plunged by roughly $150 billion. As the price dropped, the top 10 non-exchange ETH addresses’ holdings touched a new all-time high (ATH).

According to data from the market intelligence platform Santiment, the top 10 ethereum whales hold roughly $59.47 billion worth of ether — 31.8 million ETH. This move comes as more users move into “self-custody and DeFi options,” per Santiment.

? As more and more #Ethereum has been moving into #selfcustody & #DeFi options, many of these coins have been absorbed by the largest whale addresses on the network. The 10 largest non-exchange addresses now hold an #AllTimeHigh 31.8M $ETH worth $59.47B. https://t.co/c3AIDOZsZL pic.twitter.com/lXpsK5pc0r

— Santiment (@santimentfeed) June 5, 2023

Moreover, as the whales advance, data shows that only 7.29 million coins stay inside the top exchange addresses, worth around $13.65 billion at the time of writing.

ETH price – June 5 | Source: Trading View

The whale moves come as ether drops further. The second-largest cryptocurrency is down by 1.48% in the past 24 hours.

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Ethereum is trading at around $1,870 at the time of writing. It has declined by 1.4% over the past month and has witnessed a 0.78% fall in the last 60 days.

On the other hand, ethereum’s 24-hour trading volume has skyrocketed despite the uncertain market conditions. It has risen by 44% and currently standing at $4.7 billion.

Last month, the US Securities and Exchange Commission (SEC) announced that ETH would be accepted for penalty payments. It’s important to note that the SEC still classifies ethereum as a security.

Read more: Atomic Wallet hacked, users lose millions in crypto

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