In an unexpected turn of events, Ethereum’s billionaire whale addresses, those holding at least 1 million ETH, have amassed a staggering 32.3% of the cryptocurrency’s total supply. This marks a historic high not seen since 2016, a development that has stirred up discussions and curiosity within the cryptocurrency ecosystem.
Additionally, recent data, as reported by Santiment, an analyst in the cryptocurrency space, revealed that transactions exceeding the $1 million mark have experienced their second-highest daily volume in the past five weeks. This trend indicates a significant shift in Ethereum’s market dynamics.
🐋 #Ethereum's whale addresses in the #billionaire tier (holding at least 1M $ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday's transactions valued at $1M+ also had its 2nd highest day in 5 weeks. History is being made. https://t.co/sywdtn14k5 pic.twitter.com/SdbSrChJCf
— Santiment (@santimentfeed) October 17, 2023
Despite the persistent selling pressure weighing on Ethereum, with the cryptocurrency currently trading at $1,570 and boasting a market capitalization of $188 billion, these billionaire whales appear resolute in their holdings. Ethereum has struggled to breach the formidable resistance level at $1,600, but the actions of these influential holders suggest a different perspective on its future.
It’s worth noting that Ethereum co-founder Vitalik Buterin has recently come under scrutiny for his substantial coin transfers to exchanges. While this activity has contributed to selling pressure on ETH, Buterin has clarified that these transactions are solely for charitable and philanthropic purposes, alleviating concerns of personal gain.
However, it faced resistance at the 50-day Exponential Moving Average (EMA), hindering its progress toward establishing $1,686 as a support level. Despite these challenges, there remains potential for a price recovery, as indicated by the Relative Strength Index (RSI), which hovers around the neutral mark at 50.0 within the bearish zone. An upward movement in the RSI could validate a bullish signal.
On the flip side, if the bullish signal fails to materialize, it could result in a breach of the $1,533 support level. Such an outcome could potentially push Ethereum’s price below the critical $1,500 mark, casting doubt on the overall bullish outlook.
Ethereum’s billionaire whale addresses have gained significant influence by accumulating a substantial portion of the available supply. While Ethereum grapples with resistance, it remains to be seen whether it can overcome these obstacles and navigate a path forward.
