Quick take:
- Ethereum whales holding 10k or more ETH increased in number by 32 in 30 days
- The total number of addresses in this category has also reached a 13-month high
- ETH balances on exchanges continue to drop and are at a 13-month low
- All these fundamentals point towards a bullish future for Ethereum as it continues to trade above $1,200
The number of Ethereum whales holding 10,000 or more ETH has increased by 32 in 30 days. This is according to data by the team at Bloqport who also pointed out that the total number of whales in this category has reached a 13-month high. Furthermore, Ethereum held on exchanges continues to decline and is at a 14-month low due to the accumulation by ETH investors.
Bloqport shared their observations via the following statement and accompanying chart courtesy of Glassnode.
The number of addresses holding 10,000 ETH just reached a 13-month high. Over the past 30 days, 32 new whale addresses were created. ETH balance on exchanges has also just hit a 14-month low, dropping 16% over the past 30 days.
Ethereum Continues to Hold $1,200
The above fundamental factors are particularly bullish for Ethereum in the sense that ETH whales are accumulating the coin due to its potential for gains this year. A quick glance at the charts reveals that Ethereum is currently trading at $1,225 after continually battling to maintain this area as support as Bitcoin exhibits more weakness towards the weekly close.
Therefore, Ethereum’s hurdles to a new all-time high are two-fold. Firstly, Bitcoin needs to provide the right environment for ETH to thrive. This is in the form of maintaining a value above $28k during this week’s weekly close.
Secondly, both Bitcoin and Ethereum have a lot of futures and options contracts expiring this Friday, January 29th. Crypto traders are very much aware that such expirations are sometimes accompanied by extreme volatility that could send ETH to lower support zones towards the end of January.