The largest Ethereum whales in existence are accumulating ETH as the asset’s price continues to tick downwards.
Crypto analytics firm Santiment says Ethereum’s top 10 largest addresses went from owning as low as 18.46% of the total Ethereum supply after mid-May – when ETH achieved its all-time high – to 20.58% by July 13th.
For those top 10 addresses, that’s the highest ETH ownership percentage since May of 2017, according to Santiment.
The analytics firm says that the accumulation of stakeholders is a good sign for Ethereum’s potential price recovery.
“This chart is indicative of the largest stakeholders continuing to accumulate while prices have fallen more than 50% from their AllTimeHigh levels. It is a bode of confidence that prices can and will recover at some point.”
Santiment also notes that miner balances have been rising steadily for the past month, a sign that people who power the network are not inclined to sell.
Ethereum is trading at