25 February, 2024

On-Chain Data Reveals ETH And ARB Accumulation By Crypto Whales

9 months ago

21 Nov, 2023

Crypto whales have accumulated more than 7.8 million Ether since the beginning of 2023. The ETH held by Ethereum’s 10 largest non-exchange addresses reached a nearly 8-year high of 31.8 million worth a whopping $59.4 billion at the time of writing. These levels of ETH accumulation among whales were last witnessed in August 2015.

Altcoin Buzz recently posted a video on YouTube detailing the latest moves by whales in the crypto industry. Citing data from on-chain analytics firm Santiment, the crypto influencer highlighted that the 10 largest ETH addresses held a collective 31.8 million ETH, exceeding the previous all-time high of 29.7 million ETH.

Santiment took to Twitter recently to share its analysis of Ether’s on-chain data as of June 5, 2023:

According to on-chain data analyzed by Santiment, Ether supply held by top exchange addresses was 7.29 million ETH, less than a third of what non-exchange addresses held. This disproportion was attributed to the growing popularity of crypto self-custody and new DeFi avenues for storing cryptocurrencies.

At the time of writing, ETH was trading at $1818, down more than 4% over the past 24 hours. Ether’s daily trading volume came in at $8.7 billion, with a market capitalization of $219 billion.

According to Altcoin Buzz, crypto whales also accumulated Arbitrub’s ARB token over the past few days. Data gathered by Lookonchain revealed that popular crypto trader Andrew Kang purchased more than 723,000 ARB for $867,000 last week. Kang paid an average price of $1.2 for each ARB token. All of the purchased ARB tokens were deposited into Radiant Capital.

Data from Coinglass showed that the total open interest on ARB perpetual contracts fell by 5.5% over the past 24 hours. On June 5, 2023, traders opened $3.5 million worth of long positions on ARB, which exceeded short trades by $3.2 million.