Ethereum’s whale wallets are now commanding a staggering 57% of the total ETH supply, showcasing the most concentrated holding since the cryptocurrency’s inception in 2015. As per insights from blockchain analytics platform Santiment, just 104 wallets, each boasting over 100,000 ETH, together control approximately $333 billion in Ether. Meanwhile, wallets categorized as mid-sized, those containing between 10,000 and 100,000 ETH, have plummeted to a historic low of 33.5%. In a significant shift, smaller wallets holding under 100 ETH account for only 9.19% of the total supply, a figure unseen in nearly four years.
Santiment highlights that such significant accumulation by large holders is often interpreted as a bullish long-term signal, especially for a mature asset like Ethereum. This increase in whale dominance aligns with a spike in daily Ethereum address creations, reaching up to 130,200 in December, the highest in eight months. On December 7, ETH reclaimed the $4,000 mark, hitting around $4,007. Although this is 17% lower than its all-time high of $4,891 set on November 16, 2021, many analysts remain hopeful that ETH could surpass this peak by the first quarter of 2025. This optimism partly springs from November’s market adjustments and rising institutional confidence.
Bitcoin’s impressive new all-time high of $107,800 on December 16 has fueled a broader sense of market optimism. Following Bitcoin’s breach of the $100,000 milestone earlier that month, discussions have surged, with Santiment’s social sentiment tracker underscoring Bitcoin’s dominance. Meanwhile, altcoins like Vanachains and Moca Networks are catching attention. VANA’s listing on Binance Launchpool and various escrow activities have sparked conversations, while MOCA saw a remarkable 95% price increase after its listings on major South Korean exchanges.
The growing dominance of whales in Ethereum is leading to speculation regarding the cryptocurrency’s future. Wallets holding 100,000 ETH or more represent the largest share of Ethereum’s supply ever recorded. In contrast, declining smaller wallet holdings highlight the changing dynamics of ownership in the ecosystem. On December 16, over 108,000 ETH were withdrawn from exchanges—a trend often associated with long-term accumulation.
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Market analysts are keenly watching Ethereum’s performance as it remains pivotal in decentralized finance and staking. Recently, Ethereum regained its position as the top blockchain for Tether (USDT), surpassing Tron for the first time since August 2022. In November, Ethereum’s USDT supply reached a remarkable $60.3 billion, supported by a $2 billion mint, compared to $1 billion issued on Tron. The blockchain also leads the way in Circle’s USD Coin (USDC) circulation, holding $26.3 billion, equivalent to approximately 67.5% of its total supply.
While some critics caution that an increase in whale concentration might lead to heightened volatility and diminished liquidity, proponents interpret this trend as a reflection of confidence in Ethereum’s future potential. Santiment’s data indicates that significant whale accumulation often foreshadows noteworthy market movements. Analysts posit that maintaining crucial price levels could catapult ETH into a broader rally by 2025. With Bitcoin’s surge and Ethereum’s whale activity continuously redefining market sentiment, altcoins like VANA and MOCA provide further intrigue with their price actions and exchange listings.
