According to cryptocurrency analysis firm IntoTheBlock, Ethereum whales have been eating away at ETH over the past month.
IntoTheBlock points out that whale wallets, which hold more than 0.1% of the total Ethereum supply, have added more than 1.7 million ETH net inflows to their total holdings in the past 30 days.
According to the analytics firm, the group of Ethereum whales recorded net outflows on only three days in the past month, with the whales accumulating 175,000 ETH in the past two days alone.
To explain IntoTheBlock,
“This shows strong accumulation behavior from large holders and shows confidence in Ether’s future.”
ETH is trading at $2,604 at the time of writing. The second-largest cryptocurrency by market capitalization is down nearly 0.5% in the past day, but has risen more than 9% in the past week and more than 11% in the past month.
Regarding Bitcoin, IntoTheBlock notes that 95% of BTC addresses are currently profitable and market sentiment is “buoyant.”
“Historically, levels like this have signaled strong bullish momentum, but they could also signal the possibility of overshoot.”
At the time of writing, BTC is trading at $67,071. The top crypto asset by market cap has fallen nearly 1% in the past 24 hours, but has risen nearly 12% in the past seven days.
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