Ethereum accumulation trend hits new highs following FTX implosion

Ethereum whales and sharks have been accumulating Ether (ETH) at a document fee because the FTX crash, Santiment reported on Nov. 30.

The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month excessive. A Nov. 23 tweet from the agency stated the final time these wallets collected this aggressively; ETH rallied by as much as 50%.

CryptoSlate, utilizing Glassnode information, confirmed that ETH addresses holding above 1000ETH had seen an uptick of their accumulation.

ETH Whales and Sharks accumulation
Supply: Glassnode

ETH whales and sharks accumulation sample

Santiment highlighted the buildup sample resulting in Ethereum Merge. In accordance with the chart, Ethereum whales and sharks acquired extra ETH within the weeks previous the Merge, which pushed the asset’s worth up however dumped instantly after the Merge.

The blockchain analytics agency famous that the addresses dumped between October and November when there was a slight rebound in ETH value versus BTC.

Nonetheless, ETH whales and sharks started accumulating once more instantly after the FTX implosion as the worth of most digital foreign money crashed.

ETH shrimps are additionally buying

Glassnode information confirmed that shrimps had been additionally massively buying Ether. Shrimps are addresses holding lower than 1 ETH.

In accordance with the charts under, ETH addresses with a non-zero stability and addresses holding as much as 1 ETH have all reached a brand new all-time excessive

ETH Shrimps accumulation
Supply: Glassnode
ETH Shrimps accumulation
Supply: Glassnode

In the meantime, the variety of lively addresses on Ethereum additionally reached the very best degree in additional than six weeks on November 28.

Santiment wrote that the final time ETH lively addresses reached this degree was on October 15, when Ether’s value jumped by over 30% within the following three weeks.

ETH value up 4%

The current spate of ETH accumulation has positively affected its value. The asset is up over 4% within the final 24 hours to $1,265, based on CryptoSlate information.

The second-largest digital asset by market cap has elevated by over 11% within the final seven days.

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