While examining the amount of Ether held by the top ETH whale exchange addresses, on-chain data analytics Santiment, reveals that the top ten whale addresses hold about 5.83 million Ethereum. In contrast, non-exchanges hold about 24 million ETH.
Santiment notes that this could be attributed to the sustained trend of shifting cryptos away from exchanges. Despite the market volatility in the last couple of months, Ether whale addresses are still involved in large transactions on exchanges
Over 300k Ether Were Transferred from CEXs
Santiment has it that more than 300k Ether left centralized exchanges in the thirty days due to price declines. Last month, Ethereum saw the largest monthly price decline since Q1 of 2020, joining Bitcoin to form the worst ever start to a year since the market began trading.
However, Whales aren’t bothered about the declining prices. Instead, they have capitalized on the decline to acquire more ETH at a bargain. During that period, ETH was trading at $2.2k. As of today’s trading market, Ethereum is trading below $2.6k, which still gives whales more opportunity to grow their holdings.
The continuous transfer of coins to cold wallets could mean long-term crypto volatility. This is so because of the huge amount of coins being transferred from exchanges to cold wallets. Experts predict that whales intend to hold their coins for a long period.
As it stands, both non-exchange addresses and exchange addresses hold a combined thirty million Ethereum based on the data shared by Santiment.
ETH Whale Added 8 Million DOGE To Its Holdings As Tesla Accepts It
ETH whales have always been getting into the act of purchasing cryptocurrencies that are Ether and aren’t. According to blockchain data firm WhaleStats, an anonymous ETH whale in the 1000 gang bought 8 million Dogecoin worth $1.4 million last month.
The purchase wasn’t the main news during the period. E-car manufacturer Tesla, announced support for the meme coin, and immediately, the price of DOGE shot up by 16% to $0.1985. Tesla introduced tons of pieces of merch priced in the famous meme currency.
The news excited Dogecoin Co-founder Billy Markus so much that he encouraged the DOGE community to spend their holdings on the supported Tesla merchandise in a comment under Elon Musk’s tweet. The news also contributed to large transactions that occurred between wallets, as 39 million DOGE was moved within 24 hours.
The crypto market is still bleeding, with bitcoin and Ethereum still below the resistance zone. Presently, the flagship cryptocurrency is trading below $37.5k, about $2.5k away from its resistance level.