Ethereum’s recent momentum appeared to have slowed down, largely due to the pause in ETF-related excitement.
Despite this, there is a significant accumulation trend among large holders a.k.a whales, even as ETH’s price remains below $4,000.
Massive Increase in Ethereum Whales
According to the latest Glassnode data, shared by popular crypto analyst Ali Martinez, there has been a notable rise in Ethereum addresses holding 10,000 or more ETH. This shift from distribution or selling to accumulation suggests that whales are confident in altcoin’s long-term potential, choosing to amplify their holdings in anticipation of future gains.
“There’s been a notable increase in #Ethereum addresses holding 10,000+ $ETH, indicating a shift from distribution to accumulation.”
Santiment’s earlier report disclosed that wallets holding at least 10,000 Ethereum had accumulated 21.39 million ETH over the past 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator mirroring Ethereum’s price movements.
In fact, ETH has outperformed BTC over the past month following the US Securities and Exchange Commission’s (SEC) announcement and subsequent approval of the first spot Ethereum ETFs. Therefore, it’s unsurprising that whale accumulation continues.
Analyzing $100K+ and $1M+ daily ETH transfers, the crypto analytics platform noted that the highest mass whale transaction spikes of the year occurred after the spot Ethereum ETFs were officially approved late last week.
As such, prices may continue to outperform Bitcoin as long as this cohort of wallets holding 10,000 or more ETH keeps increasing rather than decreasing amidst the volatility.
Singapore’s DBS Bank Flagged as ETH Whale
Interestingly, blockchain analysis firm Nansen recently identified DBS Bank, one of Singapore’s largest banks, as an ETH whale. According to Nansen, a crypto wallet attributed to DBS Bank holds 173,753 ETH, valued at approximately $650 million at the current market price.
This analysis, flagged on May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of the Ethereum stash. However, a community member suggested that the assets might belong to DBS’s digital exchange, which serves accredited investors.
They speculated that the ETH is likely held on behalf of investors rather than being direct bank assets.
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