Whale activity on Ethereum has increased significantly since the end of November. According to on-chain data, ETH addresses with balances above $10,000 have surged significantly since the end of November. Mega-whale addresses have also increased significantly since the beginning of December.
Whales have continued to invest in Ethereum as the asset’s prices break the $3,330 mark. ETH exchange-traded funds have also showcased rising interest from institutional investors.
Whales stack up on ETH as market value rises above $3,330
Crypto analyst Ali Martinez cited data from Glassnode, which shows that Ethereum’s on-chain whale activity has surged significantly. The number of active addresses with balances worth more than $10,000 had significantly increased since the beginning of December.
The data also showed that the 30-day change in mega whale address counts had increased significantly since the beginning of the month, peaking around December 9th. The number of active addresses has also increased since mid-November.
Last week, Lookonchain reported that a whale purchased 1,800 ETH for $7 million when the asset retailed at around $3,900. According to the blockchain analytics firm, the whale has accumulated 39,600 ETH since May 24th this year at an average purchase price of $2,487.
At the time of this publication, Lookonchain noted that the whale had $54 million in unrealized profits. On November 13th, Lookonchain also reported that a fresh whale bought 7,389.5 ETH valued at $23.44 million. The whale had accumulated 18,049 ETH worth $59.3 million in three days.
Crypto trader implies Ethereum supply shock is imminent
ETH supply shock is coming
1) Billions in ETH staked
2) ETFs buying billions in ETH
3) More transactions = ETH burning
4) ETH historic bull cycle
5) Defi now okay in US after trump
6) L2s consuming and lock more ETHIt think $10,000 sooner than we think
— Ash Crypto (@Ashcryptoreal) December 16, 2024
An X post from a crypto trader, Ash Crypto, detailed that an Ethereum supply shock is imminent. The trader highlighted that ETH could hit $10k soon, with billions in ETH staked and a rising demand for the asset among spot Ethereum exchange-traded funds. Ash Crypto also referenced improved litigations for decentralized finance under Trump’s presidency, which could contribute to the growth of Ethereum.
Data from Dune Analytics, shows that the total number of ETH staked exceeds 34 million, representing more than 28% of the total ETH supply. Lido’s liquid staking protocol has the largest staked amount, representing 28.48% of all staked ETH. Coinbase and Binance follow with 10% and 5% respectively.
U.S. spot Ethereum ETFs have also showcased the rising demand for the asset. According to data from ETF tracking website SoSoValue, U.S. spot Ethereum ETFs have recorded positive flows since November 22nd, with the highest inflows recorded on November 5th, worth $428.44 million.
The ETFs recorded inflows worth $23.61 million on Friday, December 13th, and $273.87 million the previous day. At the time of this publication, ETH ETFs have $13.78 billion in assets under management, accounting for 2.92% of Ethereum’s total supply.
According to data from the crypto price tracking website CoinMarketCap, Ethereum is currently trading at $3,959 with a total market capitalization of $476.8 billion and a 24-hour trading volume of $30.3 billion. The asset has risen by 2% in the last seven days and has largely remained unchanged in the last 24 hours.
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