According to Santiment’s data, the Ethereum Whale owns more than 80 million Ethereum. As of press time, the total supply of Ethereum is 115.65 million. This means that approximately 70% of the current supply of Ethereum tokens are held by only 1,311 addresses.
Weiss Crypto Ratings, the cryptocurrency branch of Weiss Crypto Ratings, predicts that large institutional investors and companies will soon switch from Bitcoin to Ethereum and start adopting it. The agency stated: “Since CME launched Ethereum futures, OI and daily trading volume have been steadily increasing. We bet that Ethereum will become the next focus of large institutions and companies-a new phase of adoption may have just begun. We have been I am optimistic about Ethereum, especially now.” Based on the whale user’s whereabouts shown by the data, the organization has completed the preliminary layout and currently has sufficient ammunition.
In April, the appetite of whales was widened, and the purchasing power of Bitcoin, Ethereum and XRP increased significantly.
From the perspective of the Ethereum market, the number of Ethereum whales has risen to 1,311, a new high. But there is a hidden danger that among these whale wallets, if calculated according to the proportion of Ethereum, these Ethereums are highly concentrated in some wallets.
Despite the great volatility in April so far, the downturn in Bitcoin has not stopped Bitcoin whales (referring to wallet addresses holding at least 10,000 Bitcoins) from increasing positions. The Whale Bitcoin address added nearly 100,000 Bitcoins in a few weeks. Ethereum and XRP are trending similarly. Since April 5th, Bitcoin Whale has purchased approximately 90,000 Bitcoins. Converted into U.S. dollars, the amount is close to 5 billion U.S. dollars. As shown in the figure below, after Bitcoin hit an all-time high of $65,000 on April 13, and then began to go all the way down, 60,000 coins entered these addresses. In other words, when assets began to pull back, the whales were significantly more active, because two-thirds of their April purchases were made after the middle of the month.
XRP’s whales are very conservative. After the US Securities and Exchange Commission accused the payment processor of unregistered securities sales, the whales had dumped a considerable part of XRP to avoid market supervision risks. Now, Ripple has achieved some staged victories in the ongoing legal case against the US Securities and Exchange Commission, and has released good news to regain the confidence of these whale users. According to Santiment data, since April 23, the list of wallets with at least 1 million XRP has increased by 19.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.