Ethereum's 'Billionaire Tier' Accounts For Over 32% Of Its Total Available Supply

Ethereum’s ETH/USD whale addresses, within the so-called billionaire tier, account for 32.3% of its total available supply.

Yesterday's transactions witnessed the second-highest day in five weeks, according to on-chain analytics provider Santiment.

🐋 #Ethereum's whale addresses in the #billionaire tier (holding at least 1M $ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday's transactions valued at $1M+ also had its 2nd highest day in 5 weeks. History is being made. https://t.co/sywdtn14k5 pic.twitter.com/SdbSrChJCf

— Santiment (@santimentfeed) October 17, 2023

Find out more on Ethereum whales, Ethereum Foundation, and their wallets. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

The data does not indicate if the holding entities are centralized exchanges or stablecoin issuers that hold a major portion of ETH.

Read Also: Crypto Whales Offload Over $8.5B Worth Of ETH; Analyst Eyes Critical Price Level

Price Action: In today’s trade, ETH price fluctuated between a high and a low which had a difference of 1.8%, based on CoinGecko data. In the past year, ETH prices have increased 20%.

The Ethereum Foundation on the other hand sold 1,700 ETH for USDC 2.76 million, as reported by The Cryptonomist. The transaction was carried out through Uniswap’s DEX (decentralized crypto exchange) and in line with the foundation’s ongoing operations, including research grants.

Data from the market intelligence platform, IntoTheBlock as reported by Bitcoinist indicates that the total number of Ethereum wallets holding some balance exceeded the 100 million mark which is a new benchmark for the asset’s adoption.

Read Next: Bitcoin, Ethereum And Altcoins See Whopping $749M Transfer — What's Next?

Ethereum whale holdings crossed these similar levels in 2016. The token price multiplied several times throughout 2017, as per reported by CoinMarketCap. After trading under $10 in 2016, Ethereum prices surged to peak levels of $1,400 by early 2018.

With all the factors combined, is there a likelihood of a price run-up? Watch out the space for more.

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about whales and their accumulations of various cryptocurrencies. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.