Ethereum accumulation trend hits new highs following FTX implosion

News / 01.12.2022

Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30.

The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high. A Nov. 23 tweet from the firm said the last time these wallets accumulated this aggressively; ETH rallied by up to 50%.

CryptoSlate, using Glassnode data, confirmed that ETH addresses holding above 1000ETH had seen an uptick in their accumulation.

ETH Whales and Sharks accumulation
Source: Glassnode

ETH whales and sharks accumulation pattern

Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge.

The blockchain analytics firm noted that the addresses dumped between October and November when there was a slight rebound in ETH price versus BTC.

However, ETH whales and sharks began accumulating again immediately after the FTX implosion as the value of most digital currency crashed.

ETH shrimps are also acquiring

Glassnode data showed that shrimps were also massively acquiring Ether. Shrimps are addresses holding less than 1 ETH.

According to the charts below, ETH addresses with a non-zero balance and addresses holding up to 1 ETH have all reached a new all-time high

ETH Shrimps accumulation
Source: Glassnode
ETH Shrimps accumulation
Source: Glassnode

Meanwhile, the number of active addresses on Ethereum also reached the highest level in more than six weeks on November 28.

Santiment wrote that the last time ETH active addresses reached this level was on October 15, when Ether’s price jumped by over 30% in the following three weeks.

ETH price up 4%

The recent spate of ETH accumulation has positively affected its price. The asset is up over 4% in the last 24 hours to $1,265, according to CryptoSlate data.

The second-largest digital asset by market cap has increased by over 11% in the last seven days.

The post Ethereum accumulation trend hits new highs following FTX implosion appeared first on CryptoSlate.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.