NewsletterCrypto Market On The Verge Of Picking Up? Whales Ethereum Holding Spikes
Ethereum News: Ethereum (ETH), the second largest cryptocurrency is trading under increased selling pressure, lately. ETH resumed the recovery run after witnessing a heavy dump in 2022. Ethereum price is up by a massive 37% in the last 60 days. However, the latest report suggests that the crypto market might be on the verge of picking up ahead.
ETH Holding Spikes
As per a report by Santiment, Ethereum has been under the radar since the beginning of 2023. Without making much noise, ETH went on to break a 7 year record over the weekend as the 10 largest non-exchange addresses surpassed holding of 25 million ETH. This happened for the first time since 2016 and directly indicates that the whales are in action.
However, it is expected that some experts might call out this movement as ETH centralization. As per the data, on February 26, 2023, top exchanges address held around 7.41 million Ethereum. It added that the amount of heavy large whale addresses are on a constant decline. Read More Ethereum News Here…
Data depicts that there are just 124 addresses holding 100k or more Ethereum. This has been recorded as the lowest since November 2018. While this stat went on to peak at 176 in July 2019.
Vitalik Buterin Suggests Improvements On Ethereum Network: Read Here
Ethereum Price On A Surge
Ethereum price has surged by around 37% in the last 60 days. ETH is trading at an average price of $1,626, at the press time. Its 24 hour trading volume has spiked by 14% to stand at $7.05 billion. However, it is close to breaching the $200 billion market cap level.
The report added that the ETH spent are appearing to be dominant now. Data suggests that it has been expanding the lead over wrapped ETH, USD Coin (USDC) and Tether (USDT) as of now. However, an increase in USDT and USDC Ethereum spent will suggest a good sign for the markets. This can indicate that the crypto market is on the verge of picking up.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- 125+ Crypto Firms Mount Unified Defense as Banks Push to Block Stablecoin Rewards
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
