## Ethereum Whales Accumulate Record Amounts Of Ether (ETH)

Ethereum’s largest holders have been on a historic buying spree, accumulating a record-setting 56.25 million ETH, which accounts for 46.8% of the cryptocurrency’s total circulating supply. This surge in whale activity has coincided with Ethereum’s recovery in the market, with the cryptocurrency showing signs of positive momentum above $2,200. On-chain data from Santiment also highlights that the top 150 self-custodial wallets now hold a staggering 65.71 million ETH, representing 54.67% of the total circulating supply.

### Whales on a Buying Spree

Ethereum whales have been actively accumulating ETH, leading to a significant decrease in ETH held on exchange-owned addresses to levels not seen in over five years. The continued accumulation of ETH by these major players has fueled speculations about the future price growth of the cryptocurrency. This accumulation could be attributed to the optimistic outlook for cryptocurrencies in 2024, especially with the potential approval of Bitcoin and Ethereum spot ETFs in the US.

This wave of accumulation by Ethereum’s largest holders has positive implications for the cryptocurrency’s long-term price, as it signifies confidence in its potential for future growth. Furthermore, the reduction in the supply of ETH for sale as a result of these acquisitions contributes to establishing stable price support.

A notable example is an Ethereum whale ‘0x931’ buying 21,192 ETH, valued at approximately $48 million, at an average price of $2,265. This substantial purchase brings the whale’s total buys since January 2023 to 79,500 ETH, with an unrealized profit of $36.84 million.

Additionally, data from DeFiLlama indicates a steady increase in deposits in liquid staking protocols, with 12.3 million ETH ($27.585 billion) currently locked in ETH liquid staking derivatives, representing an 80% growth from January 2023.

While this accumulation trend is an intriguing development, it’s essential for investors to conduct their own research and consider the risks before making any investment decisions.

### Frequently Asked Questions (FAQ)

#### What is Ethereum’s circulating supply?

According to on-chain data from Santiment, Ethereum’s largest private wallets currently hold an all-time high of 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply.

#### Why are Ethereum whales accumulating ETH?

The continued accumulation of ETH by whales can be linked to an anticipated continuation of the price growth in 2024, with the potential approval of Bitcoin and Ethereum spot ETFs in the US lurking in the background.

#### How has the accumulation by Ethereum whales impacted the market?

The accumulation of ETH by Ethereum’s largest holders signals confidence in its potential for future growth and helps to establish price support by reducing the supply of ETH for sale.

#### What are some recent examples of Ethereum whale activity?

One notable example is an Ethereum whale identified as ‘0x931’, who bought 21,192 ETH worth approximately $48 million, contributing to the significant accumulation by major holders.

This article is based on the following news: [Santiment](https://x.com/santimentfeed/status/1742959601174340044?s=20), [Bitcoinist](https://bitcoinist.com/ethereum-whale-to-keep-price-afloat-et-accumulation/), [Spotonchain](https://x.com/spotonchain/status/1743197159686856885?s=20), and [DeFiLlama](https://defillama.com/lsd).