Ethereum Sharks Are Currently Holding Their Highest Amount In A Year
According to data from the on-chain analytics firm , the sharks have been constantly adding to their holdings since last summer. The relevant indicator here is the “ETH Supply Distribution,” which keeps track of the data related to the total Ethereum supply being held by each wallet group in the market.
Wallets are divided into these wallet groups based on the total number of coins that are currently sitting in their balances. The 10 -100 coins group, for instance, includes all addresses that are holding between 10 and 100 ETH.In the context of the current discussion, the investor group of interest is made up of the “sharks,” who are entities that hold at least 100 and at most 10,000 ETH. At the current exchange rate, this range converts to about $191,000 at the lower bound and $19,100,000 at the upper end.
As these amounts are quite significant, the sharks make up an important part of the Ethereum ecosystem. Their movements can, therefore, be worth watching as they may have visible influences on the price (though, not as much as the movement of the whales).Looks like the value of the metric has gone up in recent days | Source:As displayed in the above graph, the Ethereum Supply Distribution of the sharks has been riding an uptrend for quite a while now. In the last nine months, these investors have accumulated a total of 2.27 million ETH, about $4.3 billion at the current price.
Generally, accumulation from the sharks can be a bullish sign for the price of the coin. And indeed, as this fresh buying from them has taken place recently, the asset has been climbing and has now breached the $1,900 level for the first time since August 2022.
ETH Price
At the time of writing, Ethereum is trading around $1,900, up 5% in the last week.ETH has sharply surged over the past day | Source: