In the world of cryptocurrencies, Ethereum has been a prominent name for many years. However, recently, a striking trend has emerged: the growing concentration of this currency in the hands of large investors, known as whales.
According to recent data from Santiment, whales holding over 1 million ETH now control a staggering 32.2% of the available supply, the highest level in over seven years.
While this may seem alarming, it is important to note that not all the details are precisely known. It is unclear whether these figures include entities such as centralized exchanges or stablecoin issuers that also hold large amounts of ETH in their wallets.
However, what is evident is that Ethereum whales have been selling their holdings in recent months, resulting in the liquidation of approximately $20 million worth of ETH since 2020.
Comparing this trend to Bitcoin, we see a significant difference. Bitcoin whales holding more than 1,000 BTC have largely maintained their holdings, according to data shared by CoinMarketCap.
This divergence in holding patterns suggests a different view between Ethereum and Bitcoin whales.
Ethereum Staking Continues Solid
Despite constant selling by Ethereum whales, the Ethereum staking narrative remains strong.
Currently, over 27.6 million ETH are being staked, which is equivalent to around 23% of the total supply. This demonstrates confidence in the future of Ethereum and its transition towards a more sustainable and deflationary model.
Despite these positive developments, Ethereum price has faced a bearish trend as of late. At the time of writing, ETH is trading at $1,575, having lost 4.95% in the last month.
This represents a 68% drop from its all-time high, while Bitcoin, although performing better recently, is still 59% below its all-time high (reached in December 2021) at $68,789.63.
