Ethereum: whales are piling up

The Ethereum stored on the wallet of the 10 largest whales in the world are the highest since May 2017. 

This was revealed by Santiment, who publishes a graph that clearly shows a new phase of accumulation that began in late May. 

However, it must be said that these addresses largely belong to exchanges or DeFi protocols, but the dynamics described by Santiment remain interesting. 

In particular, he underlines the fact that to date the top 10 addresses with the most ETH in the world have a total of 20.58% of all existing ETH , i.e. the highest percentage since May 2017. 

In addition, this percentage had dropped to 18.46% during the ATH in early May, which means that in the last 41 days these addresses have accumulated 2.12% of all existing ETH. 

In reality, this growth seems to have already started for at least a year, given that in July 2020 this percentage was around 15%. 

The growth of Ethereum whales

During the short DeFi boom in August 2020, it suddenly rose to 18%, but then dropped back to around 16% in December, which is before the 2021 boom was triggered. 

Between mid-December and the end of March there was a first substantial growth, which brought the percentage of ETH held by the ten main whales just below the current level, or 20%. At this stage, the price of ETH was also rising, but since the $ 2,200 mark has been exceeded, this percentage has started to decline. 

In fact, in less than two months it had dropped to just over 18%, coinciding with the rise in the price of ETH to over $ 4,000. 

Even during the crash in late May, when the price quickly returned to $ 2,200, that percentage was still falling. 

But starting from the end of May, while the price was actually continuing to drop, the overall volume of ETH stored on the ten main addresses returned to rise dramatically, reaching the new highs of 2021 in the last few days. 

Although among these ten addresses most are exchanges, or DeFi protocols, it remains curious that in the last 40 days while the price of Ethereum actually dropped below $ 2,000, or lateralized, they continued to accumulate ETH. 

However, it must be said that this is not necessarily a bullish signal , so much so that Santiment itself does not state it.

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