Ethereum Whales Add $700 Million in ETH in Two Days

While the second largest cryptocurrency by market capitalization, Ethereum recovers from the recent crash caused by Sam Bankman-Fried’s bankrupt crypto exchange FTX; the Ethereum whales and sharks are aggressively investing in $ETH.

The largest investors in Ethereum started to accumulate the cryptocurrency and in just two days, they added $750 million to the market cap. According to data collected from the on-chain analytics firm Santiment, investor addresses holding 100 to $1 million $ETH, grew their portfolio by owning about two-thirds of Ethereum’s current market supply.

? Whales and sharks are adding more #Ethereum while prices fluctuate around $1,230. The key shark and whale addresses (holding 100 to 1m $ETH) own two thirds of the coin’s overall supply, adding 2.1% more collective coins to their bags in the past month. https://t.co/BqEAkyWvxI pic.twitter.com/tHrVitHzIj

— Santiment (@santimentfeed) December 7, 2022

In total, they added another 2.1% to their wallets in just two days, while ETH prices remained around $1,230. Santiment also shared that 561,000 $ETH worth about $700 million USD, was deposited into those addresses. With recent accumulations, their holdings rose to pre-merge levels.

Currently, Ethereum is trading at roughly $1,230 per token. This is noted as a significant improvement from the price crash it faced last month as the hacker who attacked FTX dumped all its ETH on the market to purchase renBTC.

Moreover, cryptocurrency investors started withdrawing their funds from exchanges in fear that something similar might happen to their money. However, a cryptocurrency news outlet reported that Ethereum outperformed the market in October despite the “challenging macroeconomic environment.”

According to Asset Report for October from a crypto data platform, ETH noted an 18.4% surge in its price. Meanwhile, November’s Asset Report indicated a significant drop for both Bitcoin and Ethereum, reaching a low of $15,480 for BTC and $1,074 for ETH.

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