Crypto analytics firm Santiment says a diverging pattern indicates whales are accumulating massive amounts of Ethereum (ETH) while exchanges see their supply of the leading smart contract platform shrink.
The market insights agency tells its 122,600 Twitter followers that the ratio of Ethereum held by whales off of crypto exchanges compared to on exchanges is rising to all-time-high levels.
“The amount of Ethereum held by the top 10 NON-EXCHANGE whale addresses has now ballooned to 25.7 [million] ETH held.
Meanwhile, the top 10 EXCHANGE whale addresses continue falling, with only 3.57 [million] ETH. This ratio is the highest since the asset’s inception.”
Ethereum is currently priced at $3,245, meaning that the non-exchange whales hold more than $83.39 billion worth of ETH.