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The Ethereum price has risen to intraday highs of $1,282 amid a general rebound in the cryptocurrency market. At the time of publication, ETH was trading at $1,266 — up 4.32% in the previous 24 hours and 8% in the previous seven days.
🐳🦈 #Ethereum's large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high. https://t.co/beawFcBRvi pic.twitter.com/dR8zEqurZQ
— Santiment (@santimentfeed) November 30, 2022
According to data from on-chain analytics firm Santiment, shark and whale addresses, or those holding 100 to 100,000 ETH, are the likely cohort responsible for the recent ETH price movement.
On a chart, Santiment depicted the key times at which these cohorts accumulated and dumped. As per the data presented, the most recent bout of accumulation by this category of holders coincides with the latest increase in the price of ETH.
Shark and whale addresses rapidly accumulating
In the past week, Santiment noted that Ethereum's active shark and whale addresses continued to accumulate at a discount. The on-chain analytics firm states that these key large addresses have been rapidly adding ETH to their bags.
It noted the impact of the accumulation made by this category of addresses on the ETH price, stating that in October and November 2020, these ETH addresses aided in pushing the ETH price higher by 50% within five weeks.
Specifically, it notes that Ethereum "large whales," that is, those holding $10.9 million to $1.09 billion, added 947,940 ETH, which marks the fifth largest single-day increase in the past year.
Another encouraging sign for the network is the increase in the number of key large addresses, with the amount of 100 to 100,000 ETH holder addresses reaching a 20-month high.
In another development, Phantom, the top cryptocurrency wallet in the Solana ecosystem, announced that it will roll out support for assets on the Polygon and Ethereum blockchains over the next three months.