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Ethereum

Anticipating Ethereum 2.0? ETH Whales Hold Nearly 70% of the Total Supply

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Ethereum whales have been on a buying spree since November 2020, currently holding 68.7% of the total supply, while Grayscale has doubled their ETH stack.

Although Ethereum’s price has tumbled by a few hundred dollars since its peak in February, whales have continued to accumulate large portions of the second-largest digital asset. Recent data revealed that large ETH investors own nearly 70% of the total supply – the highest level since late 2017.

ETH Whales At a 3-Year High

The price of ETH has been on a roller-coaster since the start of the year. The asset entered 2021 at $720 before the bull run took it above the previous all-time high at $1,450. However, ETH wasn’t done and even breached $2,000 for a new ATH in February.

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The subsequent market correction resulted in a 35% retracement to $1,300. Nevertheless, ETH has reclaimed some ground and currently sits near $1,700 – meaning a year-to-date ROI of 135%.

These highly-volatile price developments and the latest dip haven’t deterred Ethereum whales from purchasing considerable amounts, though. Such addresses, holding 10,000 or more ETH, have been gradually increasing since November 2020, as revealed by data from the analytics company – Santiment.

As a result, Ethereum whales now own 68.6% of the asset’s total supply. According to Santiment, this is the “highest % owned by whales since November 2017.”

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ETH Price Vs. Ethereum Whale Behavior. Source: Santiment
ETH Price Vs. Ethereum Whale Behavior. Source: Santiment

Simultaneously, the addresses holding between 10 and 10,000 ETHs have dropped to the lowest % of 27.8 since September 2017.

Apart from expectations for more bullish price developments, another probable reason behind whales’ hunger for ETH could be the upcoming Ethereum 2.0 launch. Although the transition from PoW to PoS is far from complete, investors could benefit from staking their ETH holdings and enjoy handsome returns on various platforms.

Grayscale Doubles ETH AUM

When it comes down to massive ETH purchases, it’s also worth exploring the role of the leading digital asset manager – Grayscale. The company offering institutional investors exposition to numerous cryptocurrencies has also substantially expanded its Ethereum holdings in the past several months.

The Grayscale Ethereum Trust (ETHE) had just shy of $2.2 billion in Ethereum AUM at the end of 2020. Since then, though, after multiple considerable purchases, the amount has grown to $4.7 billion as of Friday – March 5th.

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In other words, Grayscale’s ETH AUM has more than doubled in about two months. The crypto asset manager also resumed the private placement shares for the Ethereum Trust in January 2021, which is also an SEC-reporting product as of last year.

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Ethereum

Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish

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Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.

In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold. 

A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.

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According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins. 

He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.

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ETH Price to $4000!

Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.

“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”

The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950. 

Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.

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Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report. 

The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.

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Ethereum Forecast October 18 — 22, 2021

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Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of ​​3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of ​​2845. In this case, we should expect a continuation of the decline with a target below the area of ​​2235.

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Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month

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Ethereum as ultra-sound money

Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.

Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).

Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.

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ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.

Source: Token Terminal

Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year. 

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