Odaily Frontline | Data on the chain shows that Ethereum whale hoarding behavior has surged
This article comes fromCoinGape, original author: Bhushan Akolkar
Odaily Translator | Nian Yin Si Tang
This article comes from
, original author: Bhushan Akolkar
Odaily Translator | Nian Yin Si Tang
Ethereum’s rally may have just begun.
Right now, Ethereum whales are flooding in, devouring all liquidity. Cryptocurrency on-chain data provider Santiment pointed out that the number of addresses holding 10,000+ ETH has soared in the past two months as ETH broke through the $750 mark for the first time in 31 months.
Sadly, retail investors are taking profits every time the price of ETH rises. This means that retail investors have been transferring their ETH holdings to large investors and may miss out on further gains in the future. Several on-chain indicators show that ETH is increasingly becoming a more favorable investment asset.
According to data provided by Glassnode, another on-chain analytics platform, nearly 90% of ETH addresses are now in profit, the first time this metric has been seen since January 2018. For comparison, earlier this year. That is, in March 2020, only 3.2% of Ethereum addresses holding ETH were profitable.reported thatIn addition, Bitcoin billionaire and Gemini co-founder Tyler Winklevoss also expressed his bullish view on ETH: "ETH is now at $735. This is 51% lower than its all-time high, which is like trading at 1.4 It’s the same as buying Bitcoin for $10,000. Make a lot of money.”
reported thatpointed out, Institutional money flowing into Ethereum is real and increasing every day.
In a recent podcast, renowned cryptocurrency investor Ryan Sean Admas
pointed out
, public exchange Ether Capital recently raised an additional $125 million to buy more ETH.
Even at current prices, ETH is still trading 50% below its all-time high of $1,400. Several market analysts said that once the Bitcoin rally cools, a lot of money will start flowing into Ethereum. “ETH is undervalued in terms of institutional buying,” said Ki Young Ju, CEO of CryptoQuant. The only reason behind this may be that Bitcoin institutional inflows are still strong for now.
Ju further added that if Grayscale clients adjusted their portfolios based on ETH’s market capitalization, its true price should be $903.
According to the latest disclosed data, the total assets under management (AUM) of Grayscale Ethereum Trust (ETHE) has exceeded US$2.1 billion, an increase of US$400 million compared to Christmas Day. This clearly shows that the recent rebound in ETH prices has been supported by institutional buying.
