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Ethereum’s (ETH) price has struggled to keep up over the past two months as the global crypto market cap plunged by roughly $150 billion. As the price dropped, the top 10 non-exchange ETH addresses’ holdings touched a new all-time high (ATH).
According to data from the market intelligence platform Santiment, the top 10 ethereum whales hold roughly $59.47 billion worth of ether — 31.8 million ETH. This move comes as more users move into “self-custody and DeFi options,” per Santiment.
🐳 As more and more #Ethereum has been moving into #selfcustody & #DeFi options, many of these coins have been absorbed by the largest whale addresses on the network. The 10 largest non-exchange addresses now hold an #AllTimeHigh 31.8M $ETH worth $59.47B. https://t.co/c3AIDOZsZL pic.twitter.com/lXpsK5pc0r
— Santiment (@santimentfeed) June 5, 2023
Moreover, as the whales advance, data shows that only 7.29 million coins stay inside the top exchange addresses, worth around $13.65 billion at the time of writing.
The whale moves come as ether drops further. The second-largest cryptocurrency is down by 1.48% in the past 24 hours.
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Ethereum is trading at around $1,870 at the time of writing. It has declined by 1.4% over the past month and has witnessed a 0.78% fall in the last 60 days.
On the other hand, ethereum’s 24-hour trading volume has skyrocketed despite the uncertain market conditions. It has risen by 44% and currently standing at $4.7 billion.
Last month, the US Securities and Exchange Commission (SEC) announced that ETH would be accepted for penalty payments. It’s important to note that the SEC still classifies ethereum as a security.
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