Quick take:
- ETH held by the top 100 Ethereum whale exchange addresses has dropped to levels last seen 27 months ago
- The drop is inversely correlated with the price of Ethereum
- The number of Ethereum addresses holding 10k ETH or more has continued to increase
- Ethereum could be eyeing $2k very soon
The amount of Ethereum held by the top 100 whale exchange addresses has dropped to levels last seen 27 months ago. This is according to data by the team at Santiment that also points out that this drop has had an inverse correlation with the price of Ethereum.
The team at Santiment shared their analysis of Ethereum via the following statement and accompanying chart.
Ethereum‘s top 100 whale exchange addresses are holding the lowest balance of ETH tokens (~11.4M) in 27 months. This number has dropped along the way to ETH‘s new AllTimeHigh. Watch this inverse correlation between price & exchange whales closely!
Ethereum Whales Holding 10k+ Increases in the Last 3 Months
Earlier this week, the team at Glassnode made another observation of an increasing number of Ethereum whales holding 10,000 or more ETH. According to the team’s analysis, Ethereum investors in this category have increased at a steep rate in the last 3 months reaching levels last seen in May 2019. The analysis by the team at Glassnode can be found below.
The number of #Ethereum addresses holding more than 10,000 $ETH (≥ $17M) has seen a steep increase in the past 3 months, reaching levels not seen since May 2019.
Chart: https://t.co/pIKKSv9MIf pic.twitter.com/n0ehN4aCqd
— glassnode (@glassnode) February 10, 2021
Gene Simmons Reveals He Bought His $300k Bag of Ethereum at $300 per ETH
Yesterday, the popular frontman of the band known as ‘Kiss’, Gene Simmons, revealed to the crypto community that he purchased $300k worth of Ethereum back in October 2020. Mr. Simmons went on to clarify via Twitter that he bought Ethereum at $300 per ETH after many crypto traders speculated he bought around $400. Below is Mr. Simmon’s tweet clarifying his Etheruem purchase.
I bought Eth at $300. https://t.co/mpdY3gaACl
— Gene Simmons (@genesimmons) February 13, 2021
Doing the math once again, a $300k purchase at an ETH rate of $300 reveals that Gene Simmons owns approximately 1,000 Ethereum that is currently worth $1.833 Million. This is using Ethereum’s current value of $1,833.
Gene Simmon’s purchase of Ethereum could very well be on a trajectory towards $2 Million if Ethereum maintains the $1,800 price area as a support zone into the weekly close. Such a scenario would provide the springboard necessary for Ethereum to hit $2k in the days or weeks to follow.