Ethereum’s (ETH) price has struggled to keep up over the past two months as the global crypto market cap plunged by roughly $150 billion. As the price dropped, the top 10 non-exchange ETH addresses’ holdings touched a new all-time high (ATH).
According to data from the market intelligence platform Santiment, the top 10 ethereum whales hold roughly $59.47 billion worth of ether — 31.8 million ETH. This move comes as more users move into “self-custody and DeFi options,” per Santiment.
Moreover, as the whales advance, data shows that only 7.29 million coins stay inside the top exchange addresses, worth around $13.65 billion at the time of writing.
The whale moves come as ether drops further. The second-largest cryptocurrency is down by 1.48% in the past 24 hours.
Ethereum is trading at around $1,870 at the time of writing. It has declined by 1.4% over the past month and has witnessed a 0.78% fall in the last 60 days.
On the other hand, ethereum’s 24-hour trading volume has skyrocketed despite the uncertain market conditions. It has risen by 44% and currently standing at $4.7 billion.
Last month, the US Securities and Exchange Commission (SEC) announced that ETH would be accepted for penalty payments. It’s important to note that the SEC still classifies ethereum as a security.
Source: https://crypto.news/ethereum-whales-holdings-hit-new-ath-as-price-slips-further/