- Ethereum’s top 10 non-exchange whale addresses have doubled their holdings in the last 8 months
- At the same time, the ETH holdings of the top 10 exchange whales have halved in 7 months
- Value locked on DeFi using Ethereum has doubled in the last 3 months
- All these events and data point towards a continuation of Ethereum’s bullish momentum
The accumulation and depletion of Ethereum between non-exchange whales and crypto exchanges was captured by the team at Santiment through the following statement and accompanying chart.
Ethereum touched yet another All Time High of $3,524 a few hours ago before dropping on a mild market-wide correction. Top 10 non-exchange whale holdings have doubled in the past 8 months, while the top 10 exchange whales halved in the past 7 months.
Value Locked in DeFi using Ethereum Doubles in 3 Months
As mentioned by the team at Santiment, Ethereum has just posted an all-time high of $3,524. The new all-time high can also be attributed to more ETH being locked in DeFi in addition to whales accumulating.
In an earlier analysis, the team at Santiment pointed out that the amount of Ethereum locked in DeFi has doubled in the last 3 months. This observation confirms the mass exodus of ETH out of exchanges and into DeFi, as seen through the following chart.
Ethereum is Set to Keep on Growing in Value
At the time of writing, Ethereum is consolidating at the $3,300 price area after yesterday’s drop to the $3,085 price area. The dip was the result of US Treasury Secretary, Janet Yellen, commenting that interest rates might have to increase to protect the economy from ‘overheating’.
An increase in interest rates by any Central Bank is seen as a way of reducing inflationary pressure by increasing the cost of borrowing and incentivizing saving. Higher interest rates tend to have a ripple effect as consumer spending reduces leading to a slower economy.
However, Ethereum’s fundamentals continue to show promise as illustrated by whales accumulating and total value locked on DeFi continuing to increase. Therefore, Ethereum’s price will likely keep rising as ETH2.0 is implemented.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.