Ethereum Whales Over 10,000 ETH Rising, Signal Accumulation Trend

Ethereum’s recent momentum appears to have slowed, largely due to the lull in ETF-related excitement.

Despite this, there is a significant accumulation trend among the large holders, also known as whales, even as the price of ETH remains below $4,000.

Massive Rise of Ethereum Whales

According to the latest data from Glassnode, shared by popular crypto analyst Ali Martinez, there has been a noticeable increase in Ethereum addresses with 10,000 or more ETH. This shift from distribution or selling to accumulation suggests that whales are confident in the long-term potential of the altcoin, and are choosing to expand their holdings in anticipation of future gains.

“There has been a noticeable increase in #Ethereum addresses with more than $10,000 ETH, indicating a shift from distribution to accumulation.”

Santiment’s previous report revealed that wallets with at least 10,000 Ethereum had amassed 21.39 million ETH over the past 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator that reflects the price movements of Ethereum.

In fact, ETH has outperformed BTC over the past month following the US Securities and Exchange Commission (SEC) announcement and subsequent approval of the first Ethereum ETFs. So it’s no surprise that whale hoarding continues.

Analyzing daily $100,000+ and $1M+ ETH transfers, the crypto analytics platform noted that the year’s highest bulk whale transaction spikes occurred after Ethereum ETFs they were officially approved at the end of last week.

As such, prices may continue to outperform Bitcoin as long as this cohort of wallets with 10,000 or more ETH continues to increase rather than decrease amid volatility.

Singapore’s DBS bank was flagged as an ETH Whale

Interestingly, blockchain analytics firm Nansen recently identified DBS Bank, one of Singapore’s largest banks, as an ETH whale. According to Nansen, a crypto wallet attributed to DBS Bank holds 173,753 ETH, valued at approximately $650 million at the current market price.

This analysis, dated May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of Ethereum storage. However, a community member suggested that the assets could belong to the DBS digital exchange, which serves accredited investors.

They speculated that ETH is likely held on behalf of investors rather than being direct bank assets.

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