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On-chain data shows that Ethereum mega whales have been accumulating

According to Santiment, Ethereum mega whales have bought 0.59% of the total supply of ETH within the past 12 days.

Ethereum mega whales accumulate 0.59% of ETH total supply leading up to recent rally

Ethereum price has dropped to lows below $4,000 several times since mid-November, allowing some whales to accumulate more pieces of the asset.

“Ethereum’s mega whale addresses (holding 100k to 10m $ETH) have now accumulated 676k ETH in just the past 12 days, 1.28m $TH in the last 45 days, and 1.46m ETH in the past 60 days. This is a great sign that key stakeholders maintain confidence”, Santiment stated.

on-chain-data-shows-that-ethereum-mega-whales-have-been-accumulating

Source: Santiment

The Ethereum major whale addresses, commonly thought of as entities holding 100,000 to 10 million ETH, have accumulated nearly 734,800 ETH within the past 12 days, representing 0.59% of the total supply of ETH.

While periods of macro consolidation and even price declines tend to get some weak parties to kick in, that may not be the case with the big, so-called whales holdings. They have always been known to gobble up coins that young investors spend in times of panic. And you don’t forget that these whale entities have purchased 1.28 million ETH in the past 45 days and 1.46 million ETH in the last 60 days.

Ethereum price is still in a bullish trajectory. Ethereum is currently trading at $4,735 while marking four consecutive days in the green. ETH is currently only 2.40% away from its November 10 all-time high of $4,867.

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