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According to data provided by cryptocurrency analytics platform IntoTheBlock, Ethereum ($ETH) whales now control 43% of the cryptocurrency's total circulating supply after another accumulation spree.
As noted by the firm, this marks a substantial increase compared to early 2023. Back then, whales controlled only 22% of the token's total supply.
IntoTheBlock has opined that this surge is likely related to the Ethereum merge and staking opportunities.
The number of unique addresses supplying $ETH to the staking contract currently stands at 210,100 after growing by 8.60% over the past 24 hours.
The cumulative amount of $ETH tokens sent to staking stands at 55.96 million.
Ethereum is eyeing $3,500
In the meantime, the price of Ethereum ($ETH) is approaching the $3,500 mark, according to CoinGecko data.
The leading altcoin is up by roughly 2% over the past 24 hours, recovering in tandem with other major altcoins.
Bitcoin, the top cryptocurrency by market cap, surged to as high as $105,079 earlier today.