According to Santiment, Ethereum whales now hold 68.6% of the total ETH supply. The last time ETH whales held this high percentage was in 2017. However, a Twitter user pointed out that ETH whales holding a high percentage is bad for price due to the possibility of a Whales dump.
In the last 24 hours, Ether’s price action has been quite positive. The price broke above $1,600 conveniently at the early hours of today. Since then it has been pushing itself upward and is now inches shy of $1,700.
As of the time of this writing, Ethereum is trading around $1,650, the highest it has reached in about two weeks. There are concerns related to Ethereum whales owning more than 68% of the supply. While some believe this might be bad for ETH, market on-chain data suggests otherwise.
Based on the data from etherscan.io, an Ethereum intelligence site, the hash rate of Ethereum’s network has surged to an all-time high of 437,561 TH/s. This is an indication that miners of the asset are devoting more resources towards processing transactions.
Will Ethereum Whales Move Soon?
Since the transaction fees of the network shot past $38 in February, the trading intensity has dropped. This indicates that the number of sellers in the market now outweighs the buyers. Although, this does not mean that ETH might retrace anytime soon. However, for the price to sustain its bullish ride, the intensity has to improve.
Unlike Bitcoin whales, ETH whales do not move that much. Whenever they do, it usually results in an unstable market largely because they have been holding Ether for a long duration without disrupting the exchange inflows. The recent sentiment about whales holding more than half of the supply could be linked to the fear of them moving thereby leading to a disruption in the market.