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Big Ethereum investors have been busy in recent days, buying more Ether (ETH) amid the cryptocurrency’s recent price drop.
According to recent data on ETH supply distribution, large addresses holding at least 100 ETH (sharks) and large addresses holding up to 1 million ETH (whales) are actively adding to overall holdings. It has been. Cumulative stocks of sharks and whales increased by more than 2.1% in the 30 days to 6 December 2022.
Analytics firm Santiment certainly highlight The total Ethereum supply held by addresses between 1 and 1 million ETH increased by 561,000 in just 2 days from December 5th to 6th.
The cohort has now returned its cumulative bag holdings to pre-consolidation levels, according to Santiment. Overall, large ETH addresses currently hold more than two-thirds of the total coin supply of 122,373,876 ETH.
A report from cryptocurrency exchange Bitfinex shows aggressive accumulation by large investors, even as the price of ETH continues to drop below $1,300. Negative funding rates have also eased due to increased shark and whale activity. Bitfinex Alpha Report.
Ethereum perpetual contract funding rates are still negative, but the report highlights that these have improved significantly since the beginning of the month.
Selling pressure on ETH is also very low compared to other cryptocurrency large-cap stocks, with no significant levels of liquidation at current price levels.
On-chain data suggests that Ethereum would need to plunge to $800 to trigger a liquidation of around $50 million. Short sellers will need to push the price to around $650 to force a liquidation of $400 million.
