Santiment reported that Ethereum whales have started to aggressively accumulate ETH after four months of inactivity.
The company noted that this increase in activity came amid the market-wide retracement that sent shockwaves among the entire crypto space. Ethereum, for one, stood at $3,000 until May 5 before it suddenly plummeted by $300 in minutes. The situation only worsened in the following days, and ETH found itself fighting to stay above $2,000.
This psychological support line finally gave in yesterday and ether dumped to $1,700. This became its lowest price since last April. However, ETH reacted well to this drop and now trades around $2,100.According to Santiment, an Ethereum investor is regarded as a whale after attaining $1 million or more.“For many assets, these would be addresses with $100k or more.
This transition has been viewed as a highly bullish move, with a substantial number of institutional and prominent investorsAccording to Ethereum.org, the total number of ETH staked is over 12,500,000 units by almost 400,000 validators as of today. Additionally, the ecosystem continues with its burning program that has a significant impact on the market price. More than 2.3 million ETH have already been eradicated from existence.
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